Douglas Lane & Associates LLC Buys 10,123 Shares of Intuit Inc. (NASDAQ:INTU)

Douglas Lane & Associates LLC increased its stake in Intuit Inc. (NASDAQ:INTU) by 622.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,750 shares of the software maker’s stock after buying an additional 10,123 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Intuit were worth $7,297,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of INTU. LGT Financial Advisors LLC purchased a new stake in Intuit in the 2nd quarter worth about $25,000. Cultivar Capital Inc. purchased a new stake in shares of Intuit in the second quarter worth approximately $26,000. Fairway Wealth LLC bought a new stake in shares of Intuit during the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new position in Intuit during the 2nd quarter valued at $35,000. Finally, J.Safra Asset Management Corp purchased a new position in Intuit during the 2nd quarter valued at $39,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Down 0.4 %

INTU stock opened at $616.68 on Monday. The stock has a market capitalization of $172.39 billion, a PE ratio of 56.89, a price-to-earnings-growth ratio of 3.04 and a beta of 1.24. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $630.68 and a 200 day moving average of $628.44.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. Sell-side analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be issued a dividend of $1.04 per share. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. Intuit’s payout ratio is 38.38%.

Analyst Ratings Changes

Several research firms have recently weighed in on INTU. Jefferies Financial Group lifted their target price on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Susquehanna reiterated a “positive” rating and set a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Citigroup upped their target price on shares of Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Finally, Stifel Nicolaus boosted their price target on Intuit from $690.00 to $795.00 and gave the company a “buy” rating 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $735.71.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at approximately $2,384,755.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock worth $35,220,046 over the last quarter. Insiders own 2.90% of the company’s stock.

About Intuit

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.