Miracle Mile Advisors LLC Boosts Holdings in Intuit Inc. (NASDAQ:INTU)

Miracle Mile Advisors LLC grew its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,721 shares of the software maker's stock after buying an additional 482 shares during the period. Miracle Mile Advisors LLC's holdings in Intuit were worth $2,898,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in INTU. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Intuit by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker's stock worth $107,854,000 after purchasing an additional 3,648 shares during the period. Capitolis Liquid Global Markets LLC purchased a new position in shares of Intuit during the 4th quarter worth approximately $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Intuit during the 4th quarter worth approximately $237,244,000. V Square Quantitative Management LLC boosted its position in shares of Intuit by 7.0% during the 4th 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 purchased a new position in shares of Intuit during the 4th quarter worth approximately $10,757,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Analyst Ratings Changes

INTU has been the topic of a number of research reports. Royal Bank of Canada reiterated an "outperform" rating and set a $850.00 target price (up from $760.00) on shares of Intuit in a report on Friday, May 23rd. UBS Group set a $750.00 target price on shares of Intuit and gave the stock a "neutral" rating in a report on Friday, May 23rd. Oppenheimer reiterated an "outperform" rating and set a $742.00 target price (up from $642.00) on shares of Intuit in a report on Friday, May 23rd. Redburn Atlantic initiated coverage on shares of Intuit in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $820.00 target price (up from $714.00) on shares of Intuit in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $785.33.

Insider Activity

In other news, EVP Mark P. Notarainni sold 469 shares of Intuit stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $725.00, for a total value of $340,025.00. Following the sale, the executive vice president now owns 19 shares of the company's stock, valued at $13,775. The trade was a 96.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eve B. Burton sold 1,702 shares of Intuit stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares in the company, valued at approximately $4,800. The trade was a 99.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 225,592 shares of company stock valued at $165,325,437 over the last quarter. Corporate insiders own 2.68% of the company's stock.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $771.58 on Monday. The company's fifty day moving average price is $646.24 and its 200 day moving average price is $625.84. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $773.45. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $215.23 billion, a P/E ratio of 74.91, a P/E/G ratio of 2.85 and a beta of 1.28.

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

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's payout ratio is 33.77%.

Intuit 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.