Intuit Inc. (NASDAQ:INTU) Shares Acquired by DAVENPORT & Co LLC

DAVENPORT & Co LLC grew its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 16.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,421 shares of the software maker's stock after acquiring an additional 2,641 shares during the quarter. DAVENPORT & Co LLC's holdings in Intuit were worth $11,310,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Copia Wealth Management acquired a new position in shares of Intuit in the 4th quarter valued at $25,000. NewSquare Capital LLC increased its holdings in shares of Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after buying an additional 18 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of Intuit in the 4th quarter worth $28,000. Heck Capital Advisors LLC acquired a new position in Intuit in the fourth quarter valued at $28,000. Finally, VSM Wealth Advisory LLC acquired a new position in Intuit in the fourth quarter valued at $35,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Up 1.1%

Shares of INTU stock traded up $8.56 during mid-day trading on Friday, reaching $782.26. 822,973 shares of the company were exchanged, compared to its average volume of 1,619,453. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $790.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The company has a market capitalization of $218.21 billion, a P/E ratio of 63.49, a P/E/G ratio of 3.47 and a beta of 1.27. The business's 50 day simple moving average is $718.90 and its 200 day simple moving average is $642.44.

Intuit (NASDAQ:INTU - Get Free Report) last released its 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 the consensus estimate of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the business posted $9.88 EPS. Research analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be issued 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 dividend yield of 0.53%. Intuit's dividend payout ratio (DPR) is 33.77%.

Analyst Ratings Changes

INTU has been the topic of a number of research reports. Scotiabank upgraded Intuit from a "sector perform" rating to a "sector outperform" rating and raised their price objective for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. BMO Capital Markets reissued an "outperform" rating and set a $820.00 target price (up previously from $714.00) on shares of Intuit in a research report on Friday, May 23rd. Wall Street Zen raised shares of Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. Oppenheimer reiterated an "outperform" rating and set a $742.00 price objective (up from $642.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Morgan Stanley reissued an "overweight" rating and issued a $785.00 target price (up previously from $720.00) on shares of Intuit in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $793.05.

Insider Buying and Selling

In related news, EVP Kerry J. Mclean sold 16,700 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the sale, the executive vice president owned 23,101 shares of the company's stock, valued at approximately $16,844,325.16. This trade represents a 41.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 25,648 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $752.25, for a total value of $19,293,708.00. Following the transaction, the executive vice president owned 22,796 shares of the company's stock, valued at $17,148,291. This represents a 52.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 275,661 shares of company stock worth $206,491,776. Company insiders own 2.68% 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.