Everence Capital Management Inc. Purchases New Holdings in Intuit Inc. (NASDAQ:INTU)


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Everence Capital Management Inc. purchased a new stake in Intuit Inc. (NASDAQ:INTU) during the first quarter, Holdings Channel.com reports. The institutional investor purchased 8,000 shares of the software maker’s stock, valued at approximately $3,064,000.

A number of other institutional investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake in Intuit by 2.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 21,561,386 shares of the software maker’s stock valued at $8,179,575,000 after buying an additional 557,239 shares in the last quarter. FMR LLC lifted its stake in Intuit by 8.4% in the 4th quarter. FMR LLC now owns 6,773,875 shares of the software maker’s stock valued at $2,573,057,000 after buying an additional 527,143 shares in the last quarter. Brown Advisory Inc. lifted its stake in Intuit by 4.6% in the 4th quarter. Brown Advisory Inc. now owns 3,504,005 shares of the software maker’s stock worth $1,330,997,000 after purchasing an additional 152,823 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Intuit by 1.4% in the 4th quarter. Bank of New York Mellon Corp now owns 3,034,014 shares of the software maker’s stock worth $1,152,471,000 after purchasing an additional 41,999 shares in the last quarter. Finally, Norges Bank purchased a new position in Intuit in the 4th quarter worth approximately $881,906,000. 84.79% of the stock is currently owned by hedge funds and other institutional investors.

In other news, EVP James Alexander Chriss sold 364 shares of the business’s stock in a transaction dated Thursday, February 25th. The shares were sold at an average price of $407.38, for a total transaction of $148,286.32. Following the transaction, the executive vice president now directly owns 221 shares in the company, valued at $90,030.98. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michelle M. Clatterbuck sold 2,253 shares of the business’s stock in a transaction dated Tuesday, March 2nd. The stock was sold at an average price of $403.51, for a total transaction of $909,108.03. Following the transaction, the chief financial officer now owns 4,293 shares in the company, valued at $1,732,268.43. The disclosure for this sale can be found here. 3.38% of the stock is currently owned by corporate insiders.

Shares of Intuit stock traded up $9.26 during trading on Thursday, hitting $410.31. 31,094 shares of the stock were exchanged, compared to its average volume of 1,464,663. The stock has a market cap of $112.36 billion, a price-to-earnings ratio of 55.02, a price-to-earnings-growth ratio of 4.29 and a beta of 0.99. The firm’s 50-day moving average price is $391.35 and its 200 day moving average price is $365.48. Intuit Inc. has a 12-month low of $240.38 and a 12-month high of $423.74. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.09 and a quick ratio of 3.09.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Tuesday, February 23rd. The software maker reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.55. Intuit had a net margin of 25.10% and a return on equity of 40.29%. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the company earned $1.16 EPS. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. As a group, research analysts forecast that Intuit Inc. will post 5.87 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 19th. Stockholders of record on Monday, April 12th will be issued a $0.59 dividend. The ex-dividend date is Friday, April 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.58%. Intuit’s payout ratio is 35.98%.

INTU has been the topic of a number of research reports. Morgan Stanley reissued a “buy” rating and issued a $470.00 target price on shares of Intuit in a research note on Tuesday. JPMorgan Chase & Co. raised shares of Intuit from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $300.00 to $450.00 in a research note on Wednesday, December 9th. The Goldman Sachs Group began coverage on shares of Intuit in a research note on Friday, January 22nd. They issued a “neutral” rating and a $430.00 target price on the stock. KeyCorp raised their price target on shares of Intuit from $400.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, February 2nd. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $460.00 target price on shares of Intuit in a report on Monday, March 22nd. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $426.05.

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 three segments: Small Business & Self-Employed, Consumer, and Strategic Partner.

Further Reading: What is diluted earnings per share (Diluted EPS)?

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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