Ameriprise Financial Inc. Grows Position in Intuit Inc. (INTU)
Ameriprise Financial Inc. increased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 0.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 541,469 shares of the software maker’s stock after acquiring an additional 5,052 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.21% of Intuit worth $71,926,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC raised its stake in Intuit by 7.8% during the second quarter. TIAA CREF Investment Management LLC now owns 4,780,533 shares of the software maker’s stock worth $634,903,000 after acquiring an additional 347,159 shares during the period. Teachers Advisors LLC raised its stake in Intuit by 1.0% during the second quarter. Teachers Advisors LLC now owns 1,473,763 shares of the software maker’s stock worth $195,730,000 after acquiring an additional 15,231 shares during the period. Summit Global Investments acquired a new stake in Intuit during the second quarter worth about $1,987,000. Riverhead Capital Management LLC raised its stake in Intuit by 2.4% during the second quarter. Riverhead Capital Management LLC now owns 6,537 shares of the software maker’s stock worth $868,000 after acquiring an additional 151 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Intuit by 24.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,403 shares of the software maker’s stock worth $319,000 after acquiring an additional 478 shares during the period. Hedge funds and other institutional investors own 85.96% of the company’s stock.
INTU has been the topic of several research reports. Jefferies Group LLC initiated coverage on shares of Intuit in a research note on Thursday, August 24th. They set a “buy” rating and a $157.00 price objective on the stock. Oppenheimer Holdings, Inc. increased their price objective on shares of Intuit from $141.00 to $146.00 and gave the stock an “outperform” rating in a research note on Thursday, August 24th. Bank of America Corporation reiterated a “buy” rating and set a $145.00 price objective on shares of Intuit in a research note on Wednesday, August 23rd. Credit Suisse Group reiterated an “outperform” rating and set a $155.00 price objective (up previously from $150.00) on shares of Intuit in a research note on Wednesday, August 23rd. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $150.00 price objective on shares of Intuit in a research note on Wednesday, August 23rd. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $140.24.
Intuit Inc. (NASDAQ:INTU) opened at 143.80 on Tuesday. The stock has a 50 day moving average of $138.61 and a 200 day moving average of $131.40. Intuit Inc. has a 12-month low of $103.22 and a 12-month high of $144.06. The company has a market capitalization of $36.67 billion, a PE ratio of 38.66 and a beta of 1.15.
Intuit (NASDAQ:INTU) last announced its earnings results 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 company had revenue of $842.00 million during the quarter, compared to the consensus estimate of $808.82 million. During the same period in the previous year, the firm posted $0.08 earnings per share. The company’s revenue was up 11.7% on a year-over-year basis. On average, equities research analysts predict that Intuit Inc. will post $4.95 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 10th will be paid a $0.39 dividend. The ex-dividend date is Friday, October 6th. This is an increase from Intuit’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.08%. Intuit’s payout ratio is currently 36.56%.
In other Intuit news, Chairman Scott D. Cook sold 182,037 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $135.20, for a total value of $24,611,402.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO R Neil Williams sold 184,585 shares of Intuit stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $141.11, for a total transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 888,585 shares of company stock valued at $122,643,706. Insiders own 5.70% of the company’s stock.
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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