Asset Advisors Investment Management LLC increased its stake in Intuit Inc. (NASDAQ:INTU) by 1.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,695 shares of the software maker’s stock after acquiring an additional 1,640 shares during the quarter. Intuit comprises 3.7% of Asset Advisors Investment Management LLC’s holdings, making the stock its 4th largest holding. Asset Advisors Investment Management LLC’s holdings in Intuit were worth $23,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently bought and sold shares of the company. West Oak Capital LLC bought a new stake in shares of Intuit during the third quarter valued at approximately $27,000. Manchester Financial Inc. bought a new stake in shares of Intuit during the second quarter valued at approximately $30,000. FNY Investment Advisers LLC bought a new stake in shares of Intuit during the second quarter valued at approximately $30,000. NewSquare Capital LLC bought a new stake in shares of Intuit during the second quarter valued at approximately $42,000. Finally, Ibex Wealth Advisors bought a new stake in shares of Intuit during the second quarter valued at approximately $48,000. 87.20% of the stock is currently owned by institutional investors.
Several equities research analysts have recently commented on the company. KeyCorp boosted their price objective on Intuit from $300.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Peel Hunt reiterated a “hold” rating on shares of Intuit in a report on Tuesday, October 22nd. Credit Suisse Group upped their price target on Intuit from $265.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Argus set a $325.00 price target on Intuit and gave the stock a “buy” rating in a report on Monday, August 26th. Finally, Deutsche Bank downgraded Intuit to a “sell” rating in a report on Wednesday. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $278.21.
Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.37. Intuit had a return on equity of 43.86% and a net margin of 22.95%. The firm had revenue of $994.00 million for the quarter, compared to analysts’ expectations of $964.02 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, analysts forecast that Intuit Inc. will post 6.3 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date was Wednesday, October 9th. This is a boost from Intuit’s previous quarterly dividend of $0.47. Intuit’s dividend payout ratio is currently 37.99%.
In other news, CFO Michelle M. Clatterbuck sold 612 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $280.00, for a total transaction of $171,360.00. Following the transaction, the chief financial officer now owns 1,492 shares of the company’s stock, valued at approximately $417,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jeffrey David Ayers sold 39,689 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $17.15, for a total value of $680,666.35. Insiders have sold a total of 285,279 shares of company stock worth $68,553,645 in the last ninety days. Insiders own 4.60% of the company’s stock.
Intuit Company Profile
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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