Zurich Insurance Group Ltd FI Cuts Holdings in Intuit Inc. (INTU)
Zurich Insurance Group Ltd FI cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 20.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,975 shares of the software maker’s stock after selling 10,075 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Intuit were worth $7,963,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Intuit by 5.2% during the second quarter. BlackRock Inc. now owns 17,394,902 shares of the software maker’s stock worth $3,553,866,000 after purchasing an additional 866,776 shares during the period. FMR LLC increased its holdings in shares of Intuit by 14.3% during the second quarter. FMR LLC now owns 10,343,136 shares of the software maker’s stock worth $2,113,155,000 after purchasing an additional 1,290,503 shares during the period. OppenheimerFunds Inc. increased its holdings in shares of Intuit by 0.5% during the second quarter. OppenheimerFunds Inc. now owns 2,974,690 shares of the software maker’s stock worth $607,744,000 after purchasing an additional 16,086 shares during the period. Brown Advisory Inc. increased its holdings in shares of Intuit by 16.3% during the first quarter. Brown Advisory Inc. now owns 2,967,883 shares of the software maker’s stock worth $514,484,000 after purchasing an additional 416,938 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of Intuit by 1.7% during the first quarter. Royal Bank of Canada now owns 2,887,262 shares of the software maker’s stock worth $500,508,000 after purchasing an additional 48,265 shares during the period. Hedge funds and other institutional investors own 87.02% of the company’s stock.
Several brokerages have recently commented on INTU. Barclays raised their target price on shares of Intuit from $204.00 to $219.00 and gave the stock an “equal weight” rating in a report on Friday, September 7th. BidaskClub raised shares of Intuit from a “buy” rating to a “strong-buy” rating in a report on Friday, August 31st. Zacks Investment Research cut shares of Intuit from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. Wells Fargo & Co lifted their price objective on shares of Intuit from $215.00 to $235.00 and gave the company an “outperform” rating in a research note on Monday, August 27th. Finally, Argus lifted their price objective on shares of Intuit from $225.00 to $250.00 in a research note on Tuesday, July 24th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $216.94.
Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 23rd. The software maker reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.09. Intuit had a net margin of 20.31% and a return on equity of 67.39%. The firm had revenue of $988.00 million for the quarter, compared to analyst estimates of $952.67 million. During the same quarter last year, the business posted $0.20 earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. equities analysts anticipate that Intuit Inc. will post 5.23 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 18th. Shareholders of record on Wednesday, October 10th will be given a $0.47 dividend. The ex-dividend date is Tuesday, October 9th. This represents a $1.88 dividend on an annualized basis and a yield of 0.83%. This is a positive change from Intuit’s previous quarterly dividend of $0.39. Intuit’s dividend payout ratio (DPR) is currently 34.44%.
In other Intuit news, VP Mark J. Flournoy sold 9,292 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $218.90, for a total value of $2,034,018.80. Following the sale, the vice president now owns 2,471 shares in the company, valued at $540,901.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott D. Cook sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 19th. The shares were sold at an average price of $209.41, for a total transaction of $20,941,000.00. The disclosure for this sale can be found here. Insiders sold 368,201 shares of company stock worth $78,754,509 in the last 90 days. Company insiders own 5.59% of the company’s stock.
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States and internationally. The company's Small Business segment provides small business payroll products and services, including QuickBooks Desktop software products, such as Desktop Pro, Desktop for Mac, Desktop Premier, and Enterprise; QuickBooks Basic Payroll and QuickBooks Enhanced Payroll; QuickBooks Point of Sale solutions; ProAdvisor Program memberships for accounting professionals; and financial supplies.
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