Twin Tree Management LP Raises Stake in Intuit Inc. (INTU)
Twin Tree Management LP boosted its position in Intuit Inc. (NASDAQ:INTU) by 5,278.8% during the first quarter, Holdings Channel reports. The institutional investor owned 10,919 shares of the software maker’s stock after buying an additional 10,716 shares during the period. Twin Tree Management LP’s holdings in Intuit were worth $1,266,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Lincoln National Corp purchased a new stake in Intuit during the first quarter worth $205,000. Miller Howard Investments Inc. NY purchased a new stake in Intuit during the first quarter worth $205,000. Pax World Management LLC purchased a new stake in Intuit during the first quarter worth $205,000. Stratos Wealth Partners LTD. purchased a new stake in Intuit during the first quarter worth $208,000. Finally, Mycio Wealth Partners LLC purchased a new stake in Intuit during the first quarter worth $213,000. Institutional investors own 85.28% of the company’s stock.
Shares of Intuit Inc. (NASDAQ INTU) traded down 0.18% during midday trading on Tuesday, hitting $140.50. 269,752 shares of the company traded hands. Intuit Inc. has a 52 week low of $103.03 and a 52 week high of $143.81. The stock has a market capitalization of $36.00 billion, a P/E ratio of 40.37 and a beta of 1.14. The company has a 50-day moving average price of $133.68 and a 200-day moving average price of $122.76.
Intuit (NASDAQ:INTU) last posted its earnings results on Tuesday, May 23rd. The software maker reported $3.90 EPS for the quarter, beating the Zacks’ consensus estimate of $3.87 by $0.03. Intuit had a net margin of 17.82% and a return on equity of 80.88%. The company had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the prior year, the company posted $3.43 earnings per share. Intuit’s revenue for the quarter was up 10.3% compared to the same quarter last year. Analysts anticipate that Intuit Inc. will post $4.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 18th. Investors of record on Monday, July 10th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $1.36 dividend on an annualized basis and a yield of 0.97%. Intuit’s payout ratio is 39.19%.
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A number of research firms have recently weighed in on INTU. CIBC increased their target price on shares of Intuit from $125.00 to $141.00 and gave the stock an “outperform” rating in a report on Friday, May 26th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $127.00 target price (up from $124.00) on shares of Intuit in a report on Monday, February 27th. Zacks Investment Research lowered shares of Intuit from a “buy” rating to a “hold” rating in a report on Wednesday, March 1st. Stifel Nicolaus increased their target price on shares of Intuit from $115.00 to $132.00 and gave the stock a “hold” rating in a report on Wednesday, May 24th. Finally, Royal Bank Of Canada increased their target price on shares of Intuit from $126.00 to $140.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company’s stock. Intuit presently has a consensus rating of “Buy” and a consensus price target of $203.97.
In related news, EVP Laura A. Fennell sold 74,052 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $139.46, for a total transaction of $10,327,291.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Henry Tayloe Stansbury sold 39,230 shares of the stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $140.25, for a total transaction of $5,502,007.50. Following the sale, the executive vice president now directly owns 40,068 shares of the company’s stock, valued at approximately $5,619,537. The disclosure for this sale can be found here. Insiders have sold 135,581 shares of company stock valued at $18,850,556 in the last three months. 5.70% of the stock is currently owned by corporate insiders.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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