Invesco Ltd. Acquires 36,513 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Invesco Ltd. increased its holdings in Intuit Inc. by 1.2% during Q1, owning approximately 1.10% of the company valued at $1.89 billion after purchasing 36,513 additional shares.
• Intuit's quarterly earnings report revealed an EPS of $11.65, exceeding estimates by $0.76, and a year-over-year revenue growth of 15.1% to $7.75 billion.
• The company declared a quarterly dividend of $1.04 per share, resulting in an annualized dividend of $4.16 with a 0.6% yield.

Invesco Ltd. increased its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,078,686 shares of the software maker's stock after purchasing an additional 36,513 shares during the quarter. Invesco Ltd. owned approximately 1.10% of Intuit worth $1,890,282,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in INTU. Vanguard Group Inc. raised its position in shares of Intuit by 1.1% in the first quarter. Vanguard Group Inc. now owns 27,330,309 shares of the software maker's stock valued at $16,780,536,000 after purchasing an additional 294,993 shares during the period. Brown Advisory Inc. raised its position in shares of Intuit by 7.9% in the first quarter. Brown Advisory Inc. now owns 3,444,600 shares of the software maker's stock valued at $2,114,950,000 after purchasing an additional 252,265 shares during the period. Northern Trust Corp increased its holdings in Intuit by 17.3% during the 4th quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock worth $2,118,682,000 after acquiring an additional 498,030 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Intuit by 33.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock worth $1,930,765,000 after acquiring an additional 771,232 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Intuit by 69,701.9% during the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock worth $17,348,790,000 after acquiring an additional 2,821,534 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Trading Down 0.9%

NASDAQ INTU traded down $6.38 during trading on Wednesday, hitting $707.10. The company had a trading volume of 145,520 shares, compared to its average volume of 1,763,321. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a one year low of $532.65 and a one year high of $813.70. The company has a market cap of $197.25 billion, a price-to-earnings ratio of 57.46, a price-to-earnings-growth ratio of 2.72 and a beta of 1.28. The company's fifty day moving average is $767.07 and its 200-day moving average is $669.18.

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, topping the consensus estimate of $10.89 by $0.76. The business had revenue of $7.75 billion during 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%. The company's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the business earned $9.88 EPS. On average, sell-side 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 was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.6%. Intuit's dividend payout ratio is currently 33.77%.

Analysts Set New Price Targets

A number of analysts recently weighed in on INTU shares. KeyCorp reaffirmed an "overweight" rating and set a $850.00 target price (up previously from $770.00) on shares of Intuit in a report on Friday, May 23rd. Susquehanna reaffirmed a "positive" rating 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 upped their target price for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. Citigroup reissued 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. Finally, Jefferies Financial Group set a $850.00 price target on shares of Intuit and gave the stock a "buy" rating in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $806.27.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 882 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $781.63, for a total transaction of $689,397.66. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 2,591 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total transaction of $2,026,732.02. Following the sale, the chief financial officer directly owned 768 shares in the company, valued at $600,744.96. This trade represents a 77.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is owned by insiders.

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.