Intech Investment Management LLC Purchases 429 Shares of Intuit Inc. (NASDAQ:INTU)

Intech Investment Management LLC raised its position in Intuit Inc. (NASDAQ:INTU) by 9.3% in the 2nd quarter, Holdings Channel reports. The firm owned 5,030 shares of the software maker’s stock after buying an additional 429 shares during the quarter. Intech Investment Management LLC’s holdings in Intuit were worth $3,306,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in Intuit by 173.0% in the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the period. Lone Pine Capital LLC purchased a new position in Intuit in the 4th quarter worth $467,852,000. Parnassus Investments LLC raised its position in Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after purchasing an additional 727,185 shares during the period. Capital World Investors raised its position in Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock worth $735,480,000 after purchasing an additional 416,099 shares during the period. Finally, SG Americas Securities LLC raised its position in Intuit by 940.4% in the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock worth $205,186,000 after purchasing an additional 285,328 shares during the period. 83.66% of the stock is owned by institutional investors.

Intuit Trading Down 1.4 %

NASDAQ:INTU opened at $644.99 on Monday. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The company’s 50-day simple moving average is $636.82 and its 200 day simple moving average is $631.11. The firm has a market capitalization of $180.31 billion, a P/E ratio of 59.50, a PEG ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. Intuit’s quarterly revenue was up 17.4% on a year-over-year basis. As a group, analysts forecast that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.64%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is presently 38.38%.

Insider Buying and Selling

In other news, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the transaction, the executive vice president now owns 24,941 shares in the company, valued at $15,752,985.01. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the transaction, the executive vice president now owns 24,941 shares in the company, valued at $15,752,985.01. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. Insiders have sold 22,389 shares of company stock valued at $14,231,188 over the last quarter. Corporate insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on INTU. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Stifel Nicolaus boosted their price objective on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. BMO Capital Markets boosted their price objective on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

About Intuit

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.