Summit Trail Advisors LLC Buys 1,519 Shares of Intuit Inc. (NASDAQ:INTU)

Summit Trail Advisors LLC grew its stake in Intuit Inc. (NASDAQ:INTU) by 60.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,013 shares of the software maker’s stock after acquiring an additional 1,519 shares during the quarter. Summit Trail Advisors LLC’s holdings in Intuit were worth $2,637,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. LGT Financial Advisors LLC acquired a new stake in Intuit in the second quarter worth $25,000. Cultivar Capital Inc. bought a new stake in shares of Intuit in the 2nd quarter valued at $26,000. Fairway Wealth LLC acquired a new stake in Intuit during the 2nd quarter worth $26,000. Hobbs Group Advisors LLC acquired a new position in Intuit in the second quarter valued at about $35,000. Finally, J.Safra Asset Management Corp bought a new stake in shares of Intuit in the second quarter worth about $39,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on INTU. Royal Bank of Canada began coverage on Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. Stifel Nicolaus increased their price objective on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. boosted their target price on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Barclays lowered their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Insiders Place Their Bets

In other news, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the sale, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. The disclosure for this sale can be found here. Insiders have sold 22,389 shares of company stock valued at $14,231,188 in the last ninety days. 2.90% of the stock is currently owned by insiders.

Intuit Price Performance

INTU stock opened at $644.99 on Friday. The company’s 50-day moving average price is $636.82 and its two-hundred day moving average price is $631.30. The firm has a market cap of $180.31 billion, a P/E ratio of 59.50, a P/E/G ratio of 3.14 and a beta of 1.24. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The company’s revenue was up 17.4% on a year-over-year basis. On average, analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.64%. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

Intuit Company Profile

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.