Smith Asset Management Group LP purchased a new position in Intuit Inc. (NASDAQ:INTU) during the second quarter, Holdings Channel reports. The institutional investor purchased 304,580 shares of the software maker’s stock, valued at approximately $40,451,000. Intuit accounts for approximately 1.2% of Smith Asset Management Group LP’s portfolio, making the stock its 22nd largest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Flinton Capital Management LLC increased its position in shares of Intuit by 39.0% in the first quarter. Flinton Capital Management LLC now owns 9,576 shares of the software maker’s stock worth $1,111,000 after buying an additional 2,688 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Intuit by 1.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 718,580 shares of the software maker’s stock worth $83,348,000 after buying an additional 7,343 shares during the period. Whittier Trust Co. increased its position in shares of Intuit by 5.2% in the first quarter. Whittier Trust Co. now owns 2,903 shares of the software maker’s stock worth $337,000 after buying an additional 143 shares during the period. Shell Asset Management Co. increased its position in shares of Intuit by 3.8% in the first quarter. Shell Asset Management Co. now owns 46,600 shares of the software maker’s stock worth $5,405,000 after buying an additional 1,710 shares during the period. Finally, QUANTRES ASSET MANAGEMENT Ltd increased its position in shares of Intuit by 2,125.0% in the first quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 44,500 shares of the software maker’s stock worth $5,162,000 after buying an additional 42,500 shares during the period. Hedge funds and other institutional investors own 85.57% of the company’s stock.

Shares of Intuit Inc. (NASDAQ INTU) opened at 135.16 on Friday. Intuit Inc. has a 52 week low of $103.22 and a 52 week high of $143.81. The firm’s 50-day moving average is $135.14 and its 200-day moving average is $127.61. The company has a market cap of $34.63 billion, a price-to-earnings ratio of 38.84 and a beta of 1.15.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Tuesday, May 23rd. The software maker reported $3.90 EPS for the quarter, topping analysts’ consensus estimates of $3.87 by $0.03. Intuit had a return on equity of 80.88% and a net margin of 17.82%. The company had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the firm posted $3.43 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. Equities research analysts predict that Intuit Inc. will post $4.39 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 18th. Investors of record on Monday, July 10th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Thursday, July 6th. Intuit’s payout ratio is 39.19%.

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INTU has been the topic of a number of recent analyst reports. BidaskClub downgraded shares of Intuit from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Barclays PLC restated a “hold” rating and issued a $130.00 price target on shares of Intuit in a research report on Friday, April 28th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $141.00 price target (up previously from $125.00) on shares of Intuit in a research report on Thursday, May 25th. Benchmark Co. initiated coverage on shares of Intuit in a research report on Thursday, April 27th. They issued a “buy” rating and a $140.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Intuit from a “sell” rating to a “buy” rating and set a $155.00 price target on the stock in a research report on Monday, May 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. Intuit currently has a consensus rating of “Buy” and a consensus price target of $135.63.

In other Intuit news, EVP Daniel A. Wernikoff sold 15,684 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $140.50, for a total transaction of $2,203,602.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Henry Tayloe Stansbury sold 39,230 shares of the firm’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $140.25, for a total value of $5,502,007.50. Following the transaction, 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 sold 151,265 shares of company stock valued at $21,085,104 in the last ninety days. 5.70% of the stock is currently owned by insiders.

About Intuit

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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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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