WESPAC Advisors LLC grew its stake in shares of Intuit Inc. (NASDAQ:INTU) by 73.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,910 shares of the software maker’s stock after acquiring an additional 2,496 shares during the period. WESPAC Advisors LLC’s holdings in Intuit were worth $1,344,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Intuit by 5.2% in the second quarter. BlackRock Inc. now owns 17,394,902 shares of the software maker’s stock valued at $3,553,866,000 after buying an additional 866,776 shares in the last quarter. FMR LLC raised its position in shares of Intuit by 14.3% in the second quarter. FMR LLC now owns 10,343,136 shares of the software maker’s stock valued at $2,113,155,000 after buying an additional 1,290,503 shares in the last quarter. Fundsmith Equity Fund L.P. acquired a new stake in shares of Intuit in the second quarter valued at approximately $810,956,000. OppenheimerFunds Inc. raised its position in shares of Intuit by 0.5% in the second quarter. OppenheimerFunds Inc. now owns 2,974,690 shares of the software maker’s stock valued at $607,744,000 after buying an additional 16,086 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Intuit by 25.1% in the second quarter. Morgan Stanley now owns 2,623,888 shares of the software maker’s stock valued at $536,074,000 after buying an additional 525,743 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.
A number of research firms have recently weighed in on INTU. Credit Suisse Group set a $250.00 price target on shares of Intuit and gave the company a “buy” rating in a research report on Monday, October 15th. BidaskClub downgraded shares of Intuit from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Deutsche Bank began coverage on shares of Intuit in a research report on Monday, October 8th. They issued a “buy” rating and a $265.00 price target for the company. Argus lifted their price target on shares of Intuit from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, October 4th. Finally, Evercore ISI upgraded shares of Intuit from an “in-line” rating to an “outperform” rating in a research report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $224.29.
In other Intuit news, CEO Brad D. Smith sold 254,325 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $227.66, for a total transaction of $57,899,629.50. Following the completion of the transaction, the chief executive officer now directly owns 415,445 shares in the company, valued at $94,580,208.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Henry Tayloe Stansbury sold 31,396 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $211.65, for a total transaction of $6,644,963.40. Following the transaction, the executive vice president now owns 27,186 shares of the company’s stock, valued at $5,753,916.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 622,236 shares of company stock valued at $137,883,071. Company insiders own 5.59% of the company’s stock.
Shares of INTU opened at $212.98 on Monday. Intuit Inc. has a one year low of $150.43 and a one year high of $231.84. The company has a market cap of $55.09 billion, a price-to-earnings ratio of 47.02, a PEG ratio of 2.44 and a beta of 1.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.14 and a quick ratio of 1.14.
Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 23rd. The software maker reported $0.32 EPS for the quarter, beating the consensus estimate of $0.23 by $0.09. Intuit had a net margin of 20.31% and a return on equity of 67.39%. The business had revenue of $988.00 million during the quarter, compared to the consensus estimate of $952.67 million. During the same period in the previous year, the business earned $0.20 earnings per share. The company’s revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts anticipate that Intuit Inc. will post 5.24 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 18th. Shareholders of record on Wednesday, October 10th were given a dividend of $0.47 per share. This is an increase from Intuit’s previous quarterly dividend of $0.39. This represents a $1.88 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Tuesday, October 9th. Intuit’s payout ratio is currently 41.50%.
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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