Zions Bancorporation National Association UT Invests $6.25 Million in Intuit Inc. (NASDAQ:INTU)

Key Points

• Zions Bancorporation acquired a new position in Intuit Inc. by purchasing 10,178 shares, valued at approximately $6,249,000, according to their recent SEC filing.
• Intuit's dividend yield is currently at 0.5%, with a recent quarterly dividend of $1.04 per share paid to stockholders of record.
• The company's earnings exceeded expectations, reporting $11.65 EPS for the quarter, surpassing the consensus estimate of $10.89, and a revenue growth of 15.1% year-over-year.

Zions Bancorporation National Association UT purchased a new position in Intuit Inc. (NASDAQ:INTU - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,178 shares of the software maker's stock, valued at approximately $6,249,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Copia Wealth Management bought a new position in shares of Intuit during the fourth quarter worth $25,000. Heck Capital Advisors LLC acquired a new stake in Intuit in the 4th quarter valued at $28,000. Olde Wealth Management LLC bought a new stake in shares of Intuit during the 1st quarter worth approximately $37,000. Atlantic Edge Private Wealth Management LLC boosted its stake in Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after acquiring an additional 68 shares in the last quarter. Finally, Hughes Financial Services LLC bought a new position in shares of Intuit in the first quarter valued at $50,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Insider Transactions at Intuit

In other Intuit news, CFO Sandeep Aujla sold 2,591 shares of the business's 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 represents a 77.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard L. Dalzell sold 333 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $768.43, for a total transaction of $255,887.19. Following the sale, the director owned 15,474 shares in the company, valued at $11,890,685.82. This trade represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 in the last 90 days. Insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

INTU has been the subject of a number of recent analyst reports. HSBC upgraded shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target for the company in a report on Wednesday, April 23rd. CLSA initiated coverage on shares of Intuit in a research note on Thursday, June 26th. They set an "outperform" rating and a $900.00 target price on the stock. BMO Capital Markets upped their target price on shares of Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Jefferies Financial Group set a $850.00 price objective on shares of Intuit and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, Oppenheimer lifted their price objective on shares of Intuit from $742.00 to $868.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. One 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, the stock has an average rating of "Moderate Buy" and an average price target of $806.27.

Intuit Price Performance

Intuit stock traded up $3.70 during trading on Tuesday, reaching $709.79. The company had a trading volume of 1,245,653 shares, compared to its average volume of 1,767,822. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70. 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 firm's 50-day simple moving average is $768.10 and its 200 day simple moving average is $668.87. The firm has a market capitalization of $198.00 billion, a PE ratio of 57.61, a price-to-earnings-growth ratio of 2.89 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last posted 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 return on equity of 21.46% and a net margin of 19.07%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the previous year, the firm earned $9.88 EPS. The company's quarterly revenue was up 15.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.6%. The ex-dividend date was Thursday, July 10th. Intuit's payout ratio is 33.77%.

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.