Intuit Inc. (INTU) Shares Sold by JPMorgan Chase & Co.
JPMorgan Chase & Co. reduced its stake in shares of Intuit Inc. (NASDAQ:INTU) by 39.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 286,688 shares of the software maker’s stock after selling 184,029 shares during the quarter. JPMorgan Chase & Co. owned about 0.11% of Intuit worth $38,075,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Intuit by 1,542.9% during the 1st quarter. BlackRock Inc. now owns 17,363,857 shares of the software maker’s stock worth $2,014,036,000 after acquiring an additional 16,306,976 shares in the last quarter. Vanguard Group Inc. raised its stake in Intuit by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 16,373,494 shares of the software maker’s stock worth $1,899,162,000 after acquiring an additional 359,330 shares in the last quarter. Morgan Stanley raised its stake in Intuit by 38.5% during the 1st quarter. Morgan Stanley now owns 3,478,799 shares of the software maker’s stock worth $403,505,000 after acquiring an additional 966,936 shares in the last quarter. Janus Capital Management LLC raised its stake in Intuit by 5.4% during the 1st quarter. Janus Capital Management LLC now owns 2,694,993 shares of the software maker’s stock worth $312,593,000 after acquiring an additional 138,184 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Intuit by 7.8% during the 1st quarter. Geode Capital Management LLC now owns 2,686,750 shares of the software maker’s stock worth $311,244,000 after acquiring an additional 194,751 shares in the last quarter. Hedge funds and other institutional investors own 86.05% of the company’s stock.
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In related news, CFO R Neil Williams sold 184,585 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $141.11, for a total value of $26,046,789.35. Following the sale, the chief financial officer now owns 64,620 shares of the company’s stock, valued at approximately $9,118,528.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Scott D. Cook sold 183,334 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $135.22, for a total transaction of $24,790,423.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 888,585 shares of company stock worth $122,643,706. Corporate insiders own 5.70% of the company’s stock.
Intuit Inc. (INTU) opened at 142.13 on Friday. The firm has a market capitalization of $36.24 billion, a price-to-earnings ratio of 38.21 and a beta of 1.15. Intuit Inc. has a 52 week low of $103.22 and a 52 week high of $143.81. The stock’s 50 day moving average is $138.38 and its 200-day moving average is $131.17.
Intuit (NASDAQ:INTU) last released its quarterly earnings data on Tuesday, August 22nd. The software maker reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.03. Intuit had a net margin of 18.76% and a return on equity of 82.43%. The business had revenue of $842.00 million for the quarter, compared to analysts’ expectations of $808.82 million. During the same quarter last year, the company earned $0.08 EPS. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, equities research analysts expect that Intuit Inc. will post $4.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Tuesday, October 10th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Friday, October 6th. This is a boost from Intuit’s previous quarterly dividend of $0.34. Intuit’s dividend payout ratio (DPR) is 36.56%.
Several equities research analysts recently commented on the stock. First Analysis upgraded shares of Intuit from an “underweight” rating to an “equal weight” rating and set a $128.00 price target on the stock in a research note on Wednesday, August 23rd. Moffett Nathanson assumed coverage on shares of Intuit in a research note on Thursday, September 7th. They issued a “buy” rating and a $150.00 price objective on the stock. Oppenheimer Holdings, Inc. lifted their price objective on shares of Intuit from $141.00 to $146.00 and gave the company an “outperform” rating in a research note on Thursday, August 24th. CIBC lifted their price objective on shares of Intuit from $125.00 to $141.00 and gave the company an “outperform” rating in a research note on Friday, May 26th. Finally, BidaskClub lowered shares of Intuit from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Intuit presently has an average rating of “Buy” and an average price target of $140.24.
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.
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