State Treasurer State of Michigan increased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 6.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 77,084 shares of the software maker’s stock after acquiring an additional 4,900 shares during the period. State Treasurer State of Michigan’s holdings in Intuit were worth $17,529,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of INTU. Atlantic Trust Group LLC grew its position in shares of Intuit by 154.2% during the 1st quarter. Atlantic Trust Group LLC now owns 4,382 shares of the software maker’s stock valued at $760,000 after acquiring an additional 2,658 shares during the period. CIBC World Markets Inc. grew its position in shares of Intuit by 219.4% during the 1st quarter. CIBC World Markets Inc. now owns 5,544 shares of the software maker’s stock valued at $961,000 after acquiring an additional 3,808 shares during the period. Summit Trail Advisors LLC grew its position in shares of Intuit by 44.3% during the 1st quarter. Summit Trail Advisors LLC now owns 2,920 shares of the software maker’s stock valued at $283,000 after acquiring an additional 897 shares during the period. Neville Rodie & Shaw Inc. acquired a new stake in shares of Intuit during the 2nd quarter valued at about $218,000. Finally, Cerebellum GP LLC acquired a new stake in shares of Intuit during the 2nd quarter valued at about $176,000. Hedge funds and other institutional investors own 87.20% of the company’s stock.
INTU opened at $202.02 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.14 and a current ratio of 1.14. Intuit Inc. has a 1-year low of $150.38 and a 1-year high of $231.84. The company has a market capitalization of $53.72 billion, a price-to-earnings ratio of 45.74, a price-to-earnings-growth ratio of 2.38 and a beta of 1.21.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 18th. Shareholders of record on Wednesday, October 10th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 0.93%. This is a positive change from Intuit’s previous quarterly dividend of $0.39. The ex-dividend date was Tuesday, October 9th. Intuit’s dividend payout ratio (DPR) is 41.50%.
In other Intuit news, CEO Brad D. Smith sold 254,325 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $227.66, for a total value of $57,899,629.50. Following the transaction, the chief executive officer now directly owns 415,445 shares of the company’s stock, valued at approximately $94,580,208.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark J. Flournoy sold 9,292 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $218.90, for a total transaction of $2,034,018.80. Following the completion of the transaction, the vice president now directly owns 2,471 shares in the company, valued at $540,901.90. The disclosure for this sale can be found here. Insiders sold a total of 622,236 shares of company stock worth $137,883,071 over the last three months. Corporate insiders own 5.59% of the company’s stock.
Several equities research analysts recently issued reports on INTU shares. Wells Fargo & Co lifted their price objective on Intuit from $215.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, August 27th. Barclays lifted their price objective on Intuit from $194.00 to $204.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 15th. Guggenheim started coverage on Intuit in a report on Tuesday, August 7th. They issued a “buy” rating and a $250.00 price objective on the stock. BidaskClub cut Intuit from a “strong-buy” rating to a “buy” rating in a report on Friday, July 27th. Finally, Credit Suisse Group lifted their price objective on Intuit from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, September 28th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $224.29.
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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