Tower Research Capital LLC TRC lifted its stake in Intuit Inc. (NASDAQ:INTU) by 4,594.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,601 shares of the software maker’s stock after buying an additional 4,503 shares during the period. Tower Research Capital LLC TRC’s holdings in Intuit were worth $1,224,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of INTU. Nuveen Asset Management LLC raised its holdings in shares of Intuit by 4,951.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 4,988,508 shares of the software maker’s stock worth $1,303,647,000 after buying an additional 4,889,759 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Intuit by 96.3% in the 2nd quarter. Invesco Ltd. now owns 6,001,471 shares of the software maker’s stock worth $1,568,367,000 after buying an additional 2,944,291 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Intuit by 28.7% in the 2nd quarter. Janus Henderson Group PLC now owns 4,752,482 shares of the software maker’s stock worth $1,241,949,000 after buying an additional 1,060,033 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Intuit by 38.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,812,304 shares of the software maker’s stock worth $725,545,000 after buying an additional 774,853 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Intuit by 2.5% in the 2nd quarter. BlackRock Inc. now owns 20,667,701 shares of the software maker’s stock worth $5,401,090,000 after buying an additional 503,291 shares in the last quarter. 87.15% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on INTU. Credit Suisse Group increased their target price on Intuit from $265.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Bank of America increased their target price on Intuit from $264.00 to $303.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. BidaskClub cut Intuit from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Oppenheimer increased their price target on Intuit from $269.00 to $289.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Finally, Citigroup increased their price target on Intuit from $250.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $278.21.
Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported ($0.09) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.37. The firm had revenue of $994.00 million for the quarter, compared to analyst estimates of $964.02 million. Intuit had a return on equity of 43.86% and a net margin of 22.95%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. As a group, research analysts forecast that Intuit Inc. will post 6.3 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.81%. This is a positive change from Intuit’s previous quarterly dividend of $0.47. The ex-dividend date was Wednesday, October 9th. Intuit’s dividend payout ratio (DPR) is presently 37.99%.
In other Intuit news, CAO Mark J. Flournoy sold 6,854 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $286.33, for a total value of $1,962,505.82. Following the transaction, the chief accounting officer now directly owns 4,541 shares in the company, valued at approximately $1,300,224.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gregory N. Johnson sold 2,500 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $290.74, for a total value of $726,850.00. Following the completion of the transaction, the executive vice president now owns 11,625 shares in the company, valued at $3,379,852.50. The disclosure for this sale can be found here. Insiders sold a total of 285,279 shares of company stock worth $68,553,645 over the last quarter. Corporate insiders own 4.60% of the company’s stock.
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.
See Also: Special Dividends
Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU).
Receive News & Ratings for Intuit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit and related companies with MarketBeat.com's FREE daily email newsletter.