Concord Asset Management LLC VA Boosts Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Concord Asset Management LLC VA lifted its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 47.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,763 shares of the software maker's stock after purchasing an additional 884 shares during the period. Concord Asset Management LLC VA's holdings in Intuit were worth $1,647,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of INTU. Pinnacle Financial Partners Inc lifted its position in Intuit by 3.6% during the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock worth $10,922,000 after acquiring an additional 623 shares during the last quarter. Capitolis Liquid Global Markets LLC bought a new position in shares of Intuit during the fourth quarter worth approximately $109,988,000. Financial Gravity Asset Management Inc. acquired a new stake in Intuit during the 1st quarter worth approximately $2,285,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Intuit in the 4th quarter valued at $237,244,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Intuit by 16.2% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 6,905 shares of the software maker's stock valued at $4,240,000 after buying an additional 962 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Price Performance

Shares of NASDAQ INTU traded up $4.77 during mid-day trading on Wednesday, hitting $750.72. 1,262,894 shares of the stock traded hands, compared to its average volume of 1,624,297. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The company has a market cap of $209.41 billion, a PE ratio of 60.94, a price-to-earnings-growth ratio of 3.31 and a beta of 1.27. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $790.60. The firm has a 50 day simple moving average of $740.03 and a two-hundred day simple moving average of $648.90.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. Intuit's revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $9.88 earnings per share. As a group, equities research analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on INTU shares. Stifel Nicolaus lifted their target price on Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Oppenheimer reissued an "outperform" rating and issued a $742.00 price objective (up previously from $642.00) on shares of Intuit in a report on Friday, May 23rd. Scotiabank raised shares of Intuit from a "sector perform" rating to a "sector outperform" rating and raised their target price for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. Citigroup reiterated a "buy" rating and issued a $789.00 price target (up from $726.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Wall Street Zen raised Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Intuit currently has a consensus rating of "Moderate Buy" and a consensus price target of $800.55.

Insider Activity at Intuit

In other news, EVP Mark P. Notarainni sold 1,147 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total value of $887,663.30. Following the completion of the sale, the executive vice president directly owned 19 shares in the company, valued at $14,704.10. This trade represents a 98.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard L. Dalzell sold 333 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $768.43, for a total value of $255,887.19. Following the completion of the transaction, the director owned 15,474 shares in the company, valued at approximately $11,890,685.82. This represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 over the last quarter. 2.68% of the stock is owned by company insiders.

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.