Gateway Investment Advisers LLC Grows Position in Intuit Inc. (NASDAQ:INTU)

Gateway Investment Advisers LLC boosted its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 291.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,026 shares of the software maker's stock after purchasing an additional 10,439 shares during the period. Gateway Investment Advisers LLC's holdings in Intuit were worth $8,612,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Intuit by 2.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker's stock worth $107,854,000 after buying an additional 3,648 shares during the period. Capitolis Liquid Global Markets LLC bought a new position in Intuit in the 4th quarter valued at $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Intuit in the fourth quarter worth $237,244,000. V Square Quantitative Management LLC increased its stake in Intuit by 7.0% in the fourth quarter. V Square Quantitative Management LLC now owns 7,671 shares of the software maker's stock worth $4,821,000 after purchasing an additional 501 shares during the period. Finally, Alberta Investment Management Corp bought a new stake in shares of Intuit during the fourth quarter worth $10,757,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Alex G. Balazs sold 1,459 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $770.80, for a total value of $1,124,597.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the sale, the insider now owns 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. The trade was a 1.18% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 225,592 shares of company stock valued at $165,325,437. Insiders own 2.68% of the company's stock.

Intuit Price Performance

Shares of INTU opened at $771.58 on Friday. The company has a 50 day moving average of $646.24 and a two-hundred day moving average of $626.21. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $773.45. The company has a market cap of $215.23 billion, a price-to-earnings ratio of 74.91, a price-to-earnings-growth ratio of 2.85 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the business posted $9.88 EPS. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be paid 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 0.54%. Intuit's payout ratio is 33.77%.

Analyst Ratings Changes

Several research analysts recently commented on INTU shares. Citigroup reaffirmed a "buy" rating and issued a $789.00 price target (up previously from $726.00) on shares of Intuit in a research note on Friday, May 23rd. Wells Fargo & Company restated an "overweight" rating and issued a $825.00 target price (up from $775.00) on shares of Intuit in a research note on Friday, May 23rd. Hsbc Global Res raised shares of Intuit from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 23rd. Jefferies Financial Group set a $850.00 price objective on Intuit and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, Bank of America raised their price objective on Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Intuit currently has a consensus rating of "Moderate Buy" and an average target price of $785.33.

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.

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