Palisade Capital Management LLC NJ Boosts Position in Intuit Inc. (NASDAQ:INTU)
Palisade Capital Management LLC NJ boosted its position in shares of Intuit Inc. (NASDAQ:INTU) by 2.8% during the second quarter, Holdings Channel reports. The fund owned 5,465 shares of the software maker’s stock after buying an additional 150 shares during the period. Palisade Capital Management LLC NJ’s holdings in Intuit were worth $726,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Intuit by 1,542.9% in the first quarter. BlackRock Inc. now owns 17,363,857 shares of the software maker’s stock worth $2,014,036,000 after buying an additional 16,306,976 shares during the last quarter. Morgan Stanley increased its stake in Intuit by 38.5% in the first quarter. Morgan Stanley now owns 3,478,799 shares of the software maker’s stock worth $403,505,000 after buying an additional 966,936 shares during the last quarter. Renaissance Technologies LLC increased its stake in Intuit by 249.1% in the first quarter. Renaissance Technologies LLC now owns 1,296,148 shares of the software maker’s stock worth $150,340,000 after buying an additional 924,900 shares during the last quarter. Harbour Capital Advisors LLC increased its stake in Intuit by 21,749.4% in the second quarter. Harbour Capital Advisors LLC now owns 887,304 shares of the software maker’s stock worth $6,681,000 after buying an additional 883,243 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in Intuit during the first quarter worth $99,589,000. Institutional investors and hedge funds own 85.57% of the company’s stock.
Shares of Intuit Inc. (NASDAQ INTU) opened at 136.82 on Thursday. The company has a market capitalization of $35.06 billion, a PE ratio of 39.32 and a beta of 1.15. The company has a 50 day moving average price of $135.29 and a 200 day moving average price of $127.56. Intuit Inc. has a 1-year low of $103.22 and a 1-year high of $143.81.
Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Tuesday, May 23rd. The software maker reported $3.90 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.50 billion. During the same period in the prior year, the company posted $3.43 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities analysts predict that Intuit Inc. will post $4.39 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 18th. Investors of record on Monday, July 10th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, July 6th. Intuit’s dividend payout ratio (DPR) is currently 39.19%.
INTU has been the topic of a number of research reports. Citigroup Inc. raised their price target on Intuit from $128.00 to $148.00 and gave the company a “buy” rating in a research report on Thursday, May 25th. Benchmark Co. initiated coverage on Intuit in a research report on Thursday, April 27th. They set a “buy” rating and a $140.00 price target on the stock. Deutsche Bank AG raised their price target on Intuit from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, May 25th. Bank of America Corporation raised their price target on Intuit from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, May 25th. Finally, Credit Suisse Group raised their price target on Intuit from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $135.63.
In related news, EVP Henry Tayloe Stansbury sold 3,742 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $137.92, for a total value of $516,096.64. Following the sale, the executive vice president now directly owns 4,580 shares of the company’s stock, valued at approximately $631,673.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 74,052 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $139.46, for a total transaction of $10,327,291.92. The disclosure for this sale can be found here. Insiders sold a total of 151,265 shares of company stock worth $21,085,104 over the last three months. 5.70% of the stock is currently owned by corporate insiders.
Intuit Company Profile
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.
Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU).
Receive News & Ratings for Intuit Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit Inc. and related companies with MarketBeat.com's FREE daily email newsletter.