Capital Directions Investment Advisors LLC bought a new position in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 125 shares of the software maker’s stock, valued at approximately $61,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. raised its stake in Intuit by 1.2% during the second quarter. BlackRock Inc. now owns 23,431,661 shares of the software maker’s stock worth $11,485,499,000 after acquiring an additional 285,308 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Intuit by 4.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,586,386 shares of the software maker’s stock worth $8,651,941,000 after purchasing an additional 1,025,000 shares in the last quarter. FMR LLC lifted its holdings in shares of Intuit by 18.9% in the 2nd quarter. FMR LLC now owns 8,015,021 shares of the software maker’s stock worth $3,928,723,000 after purchasing an additional 1,274,405 shares in the last quarter. Geode Capital Management LLC lifted its stake in Intuit by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 4,421,187 shares of the software maker’s stock valued at $2,160,720,000 after acquiring an additional 69,057 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Intuit by 7.9% during the 1st quarter. Ameriprise Financial Inc. now owns 3,223,219 shares of the software maker’s stock valued at $1,234,822,000 after purchasing an additional 235,112 shares during the last quarter. Institutional investors and hedge funds own 84.42% of the company’s stock.
Several equities research analysts have recently issued reports on INTU shares. Bank of America raised their target price on Intuit from $520.00 to $640.00 and gave the company a “buy” rating in a research report on Wednesday, August 25th. Wells Fargo & Company raised their target price on Intuit from $510.00 to $625.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 25th. Jefferies Financial Group lifted their price target on Intuit from $525.00 to $630.00 and gave the company a “buy” rating in a research report on Monday, August 23rd. Piper Sandler boosted their target price on Intuit from $498.00 to $621.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 25th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Intuit in a research note on Monday, August 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, Intuit presently has a consensus rating of “Buy” and an average target price of $544.55.
Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Monday, August 23rd. The software maker reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.38. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.32 billion. Intuit had a return on equity of 24.31% and a net margin of 21.41%. The business’s revenue was up 41.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.81 earnings per share. Equities analysts expect that Intuit Inc. will post 7.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 18th. Stockholders of record on Monday, October 11th will be given a dividend of $0.68 per share. The ex-dividend date is Friday, October 8th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 0.50%. This is a positive change from Intuit’s previous quarterly dividend of $0.59. Intuit’s dividend payout ratio is currently 35.98%.
In other news, EVP Gregory N. Johnson sold 14,843 shares of the firm’s stock in a transaction that occurred on Thursday, August 26th. The shares were sold at an average price of $552.43, for a total transaction of $8,199,718.49. Following the completion of the transaction, the executive vice president now directly owns 1,520 shares of the company’s stock, valued at approximately $839,693.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP James Alexander Chriss sold 31,487 shares of the firm’s stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $564.57, for a total transaction of $17,776,615.59. Following the transaction, the executive vice president now directly owns 3,234 shares of the company’s stock, valued at $1,825,819.38. The disclosure for this sale can be found here. Insiders have sold 59,736 shares of company stock worth $33,491,613 in the last ninety days. Corporate insiders own 3.38% of the company’s stock.
Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed; Consumer; Credit Karma; and ProConnect. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.
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