Intuit Inc. (NASDAQ:INTU) Stake Boosted by Summit Global Investments

Summit Global Investments increased its stake in Intuit Inc. (NASDAQ:INTU) by 19.4% during the third quarter, HoldingsChannel reports. The firm owned 3,450 shares of the software maker’s stock after acquiring an additional 561 shares during the period. Summit Global Investments’ holdings in Intuit were worth $2,142,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Fortitude Family Office LLC increased its stake in Intuit by 2.8% in the 2nd quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after purchasing an additional 16 shares in the last quarter. WASHINGTON TRUST Co increased its stake in Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after purchasing an additional 16 shares in the last quarter. Gemmer Asset Management LLC increased its stake in Intuit by 3.7% in the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares in the last quarter. Stonebrook Private Inc. increased its stake in Intuit by 4.5% in the 1st quarter. Stonebrook Private Inc. now owns 398 shares of the software maker’s stock worth $259,000 after purchasing an additional 17 shares in the last quarter. Finally, PFG Investments LLC grew its stake in Intuit by 1.1% during the 2nd quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock valued at $1,024,000 after acquiring an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

INTU has been the topic of several research analyst reports. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Jefferies Financial Group lifted their target price on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. lifted 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. Susquehanna reaffirmed a “positive” rating and set a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Finally, Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Intuit Stock Up 1.5 %

INTU opened at $684.22 on Friday. The business has a 50 day moving average price of $625.54 and a 200 day moving average price of $627.81. Intuit Inc. has a twelve month low of $513.97 and a twelve month high of $688.88. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market cap of $191.78 billion, a P/E ratio of 65.48, a price-to-earnings-growth ratio of 3.17 and a beta of 1.25.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the company earned $0.40 EPS. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. Research analysts forecast that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were issued a dividend of $1.04 per share. The ex-dividend date was Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.61%. Intuit’s payout ratio is 39.81%.

Insider Transactions at Intuit

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 stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the transaction, the chief financial officer now owns 452 shares of the company’s stock, valued at approximately $279,010.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 over the last three months. 2.90% of the stock is currently owned by insiders.

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.