Covestor Ltd Purchases 26 Shares of Intuit Inc. (NASDAQ:INTU)

Covestor Ltd increased its position in shares of Intuit Inc. (NASDAQ:INTU) by 7.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 385 shares of the software maker’s stock after purchasing an additional 26 shares during the quarter. Covestor Ltd’s holdings in Intuit were worth $240,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in INTU. International Assets Investment Management LLC grew its position in Intuit by 68,404.7% during the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock worth $300,768,000 after acquiring an additional 483,621 shares during the last quarter. Vanguard Group Inc. boosted its stake in Intuit by 1.1% in the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after purchasing an additional 283,291 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Intuit during the second quarter worth $184,982,000. Ameriprise Financial Inc. increased its stake in shares of Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after buying an additional 238,486 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its position in Intuit by 21.3% during the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after buying an additional 169,190 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Stock Up 1.5 %

NASDAQ INTU opened at $684.22 on Friday. The business has a fifty day moving average price of $625.54 and a two-hundred day moving average price of $627.81. The stock has a market capitalization of $191.78 billion, a PE ratio of 65.48, a PEG ratio of 3.17 and a beta of 1.25. Intuit Inc. has a fifty-two week low of $513.97 and a fifty-two week high of $688.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the company earned $0.40 EPS. Intuit’s revenue for the quarter was up 17.4% on a year-over-year basis. Equities analysts expect that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.61%. Intuit’s payout ratio is 39.81%.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction on 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 sale, the insider now owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Intuit news, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total value of $2,469,120.00. Following the completion of the transaction, the chief financial officer now owns 452 shares of the company’s stock, valued at $279,010.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 in the last three months. 2.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Susquehanna reaffirmed a “positive” rating and issued a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Bank of America boosted their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Jefferies Financial Group boosted 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. Finally, Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $735.71.

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.