17,139 Shares in Intuit Inc. (INTU) Acquired by ARK Investment Management LLC
ARK Investment Management LLC bought a new position in shares of Intuit Inc. (NASDAQ:INTU) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 17,139 shares of the software maker’s stock, valued at approximately $2,276,000.
A number of other hedge funds also recently made changes to their positions in INTU. BlackRock Inc. raised its holdings 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 buying an additional 16,306,976 shares during the period. Old Mutual Global Investors UK Ltd. acquired a new stake in Intuit during the 2nd quarter worth approximately $136,099,000. Morgan Stanley raised its holdings 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 buying an additional 966,936 shares during the period. Renaissance Technologies LLC raised its holdings in Intuit by 249.1% during the 1st 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 period. Finally, Harbour Capital Advisors LLC raised its holdings in Intuit by 21,749.4% during the 2nd 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 period. Hedge funds and other institutional investors own 85.96% of the company’s stock.
Intuit Inc. (INTU) traded up 1.27% during trading on Friday, hitting $146.32. 1,310,969 shares of the company traded hands. Intuit Inc. has a 12-month low of $103.22 and a 12-month high of $146.72. The stock has a 50-day moving average price of $138.84 and a 200-day moving average price of $131.54. The firm has a market capitalization of $37.31 billion, a P/E ratio of 39.33 and a beta of 1.15.
Intuit (NASDAQ:INTU) last released its quarterly earnings results on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $842.00 million during the quarter, compared to analyst estimates of $808.82 million. Intuit had a return on equity of 82.43% and a net margin of 18.76%. Intuit’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 EPS. Equities analysts expect that Intuit Inc. will post $4.95 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Tuesday, October 10th will be given a $0.39 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date is Friday, October 6th. Intuit’s dividend payout ratio is presently 36.56%.
INTU has been the topic of several research analyst reports. Wells Fargo & Company upgraded shares of Intuit from a “market perform” rating to an “outperform” rating and set a $163.00 target price on the stock in a report on Thursday. First Analysis upgraded shares of Intuit from an “underweight” rating to an “equal weight” rating and set a $128.00 target price on the stock in a report on Wednesday, August 23rd. Royal Bank Of Canada restated a “hold” rating and set a $141.00 target price on shares of Intuit in a report on Thursday, August 24th. William Blair initiated coverage on shares of Intuit in a report on Tuesday. They set an “outperform” rating on the stock. Finally, Zacks Investment Research upgraded shares of Intuit from a “hold” rating to a “buy” rating and set a $152.00 target price on the stock in a report on Monday, August 28th. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Intuit currently has an average rating of “Buy” and a consensus target price of $142.74.
In related news, Chairman Scott D. Cook sold 183,334 shares of the stock in a transaction on Friday, August 25th. The stock was sold at an average price of $135.22, for a total value of $24,790,423.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 183,333 shares of the stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $145.19, for a total value of $26,618,118.27. The disclosure for this sale can be found here. Insiders sold a total of 1,056,234 shares of company stock valued at $147,058,222 over the last three months. 5.70% of the stock is currently owned by 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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