Sumitomo Mitsui Trust Group Inc. Buys 1,792 Shares of Intuit Inc. (NASDAQ:INTU)

Sumitomo Mitsui Trust Group Inc. raised its position in Intuit Inc. (NASDAQ:INTU) by 0.2% during the third quarter, Holdings Channel reports. The institutional investor owned 795,364 shares of the software maker’s stock after buying an additional 1,792 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Intuit were worth $493,921,000 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. LGT Financial Advisors LLC bought a new stake in Intuit during the 2nd quarter worth about $25,000. Cultivar Capital Inc. acquired a new stake in Intuit during the 2nd quarter worth $26,000. Fairway Wealth LLC acquired a new stake in Intuit during the 2nd quarter worth $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Intuit during the 3rd quarter valued at $27,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Intuit in the 2nd quarter valued at $35,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on INTU shares. JPMorgan Chase & Co. lifted their price objective on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Bank of America upped their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Stifel Nicolaus lifted their price objective on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Finally, Barclays cut their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $735.71.

Intuit Stock Up 1.9 %

Intuit stock opened at $697.35 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a 1-year low of $523.32 and a 1-year high of $698.96. The company has a fifty day simple moving average of $626.88 and a 200 day simple moving average of $628.23. The company has a market cap of $195.46 billion, a P/E ratio of 66.73, a price-to-earnings-growth ratio of 3.34 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. Intuit’s quarterly revenue was up 17.4% on a year-over-year basis. Research analysts anticipate that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were paid a $1.04 dividend. The ex-dividend date was Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.60%. Intuit’s dividend payout ratio (DPR) is currently 39.81%.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 775 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the sale, the chief financial officer now owns 4,451 shares in the company, valued at $2,676,430.81. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Intuit news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the sale, the chief financial officer now owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,297 shares of company stock worth $35,220,046. Insiders own 2.90% of the company’s stock.

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