Penobscot Investment Management Company Inc. Boosts Stock Position in Intuit Inc. (NASDAQ:INTU)

Penobscot Investment Management Company Inc. increased its stake in Intuit Inc. (NASDAQ:INTU) by 6.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,288 shares of the software maker’s stock after purchasing an additional 666 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Intuit were worth $6,430,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Intuit by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 25,331,318 shares of the software maker’s stock worth $12,942,784,000 after buying an additional 117,478 shares during the last quarter. FMR LLC grew its holdings in shares of Intuit by 5.0% during the third quarter. FMR LLC now owns 5,636,635 shares of the software maker’s stock valued at $2,879,982,000 after buying an additional 266,803 shares during the last quarter. Morgan Stanley lifted its stake in Intuit by 3.7% during the 3rd quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock valued at $1,966,304,000 after acquiring an additional 137,198 shares during the period. Northern Trust Corp raised its position in shares of Intuit by 5.2% during the 3rd quarter. Northern Trust Corp now owns 3,212,771 shares of the software maker’s stock valued at $1,641,533,000 after purchasing an additional 160,229 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Intuit by 6.6% in the third quarter. Invesco Ltd. now owns 3,091,645 shares of the software maker’s stock worth $1,579,645,000 after acquiring an additional 190,582 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Intuit

In other Intuit news, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $655.13, for a total value of $488,071.85. Following the completion of the sale, the chief accounting officer now owns 3,180 shares of the company’s stock, valued at $2,083,313.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Kerry J. Mclean sold 3,692 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the completion of the transaction, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at $15,233,800.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lauren D. Hotz sold 745 shares of Intuit stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $655.13, for a total transaction of $488,071.85. Following the completion of the sale, the chief accounting officer now owns 3,180 shares in the company, valued at $2,083,313.40. The disclosure for this sale can be found here. Insiders have sold a total of 4,717 shares of company stock worth $3,117,156 in the last quarter. 2.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

INTU has been the topic of a number of recent research reports. Wells Fargo & Company upped their price objective on Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 21st. Evercore ISI increased their target price on shares of Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Stifel Nicolaus lifted their price target on shares of Intuit from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Barclays upped their price target on shares of Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Finally, Mizuho upped their price objective on Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Four analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $650.23.

Intuit Stock Down 1.2 %

Shares of INTU traded down $7.40 during mid-day trading on Tuesday, reaching $630.99. The company’s stock had a trading volume of 269,533 shares, compared to its average volume of 1,233,447. The stock has a market cap of $176.68 billion, a PE ratio of 64.87, a price-to-earnings-growth ratio of 3.88 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.17 and a quick ratio of 1.17. Intuit Inc. has a 12-month low of $400.22 and a 12-month high of $671.01. The company’s 50 day moving average is $639.91 and its 200 day moving average is $604.28.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 EPS for the quarter, topping the consensus estimate of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the prior year, the business earned $1.05 earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities analysts anticipate that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Investors of record on Wednesday, April 10th were given a $0.90 dividend. The ex-dividend date was Tuesday, April 9th. This represents a $3.60 annualized dividend and a dividend yield of 0.57%. Intuit’s dividend payout ratio is presently 36.73%.

Intuit 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 four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.