HighTower Advisors LLC lifted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 30.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,901 shares of the software maker’s stock after purchasing an additional 2,576 shares during the period. HighTower Advisors LLC’s holdings in Intuit were worth $1,447,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in INTU. PDT Partners LLC acquired a new position in Intuit during the second quarter valued at $5,670,000. Fundsmith LLP acquired a new position in Intuit during the second quarter valued at $144,464,000. Bayesian Capital Management LP raised its position in Intuit by 6.6% during the second quarter. Bayesian Capital Management LP now owns 21,071 shares of the software maker’s stock valued at $2,798,000 after buying an additional 1,300 shares during the period. Numeric Investors LLC raised its position in Intuit by 353.7% during the second quarter. Numeric Investors LLC now owns 530,022 shares of the software maker’s stock valued at $70,392,000 after buying an additional 413,195 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new position in Intuit during the second quarter valued at $292,000. 85.96% of the stock is currently owned by institutional investors.
Several research firms recently weighed in on INTU. Argus began coverage on Intuit in a research report on Wednesday, September 20th. They set a “buy” rating and a $165.00 price target on the stock. Wells Fargo & Company raised Intuit from a “market perform” rating to an “outperform” rating and set a $163.00 price target on the stock in a research report on Thursday, September 21st. UBS AG lowered Intuit to an “underperform” rating in a research report on Wednesday, September 27th. Raymond James Financial, Inc. lowered Intuit from a “market perform” rating to an “underperform” rating in a research report on Wednesday, September 27th. Finally, William Blair began coverage on Intuit in a research report on Tuesday, September 19th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $142.74.
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Shares of Intuit Inc. (INTU) opened at 144.18 on Wednesday. Intuit Inc. has a 1-year low of $103.22 and a 1-year high of $146.72. The company has a market cap of $36.76 billion, a P/E ratio of 38.76 and a beta of 1.15. The stock’s 50 day moving average price is $141.91 and its 200 day moving average price is $133.72.
Intuit (NASDAQ:INTU) last released its earnings results on Tuesday, August 22nd. The software maker reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $842.00 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.08 earnings per share. Equities research analysts forecast that Intuit Inc. will post $4.95 earnings per share for the current year.
The business also recently announced 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. The ex-dividend date of this dividend is Friday, October 6th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.08%. This is an increase from Intuit’s previous quarterly dividend of $0.34. Intuit’s payout ratio is currently 41.94%.
In other news, Chairman Scott D. Cook sold 183,334 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $135.22, for a total transaction of $24,790,423.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Henry Tayloe Stansbury sold 1,783 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $144.20, for a total value of $257,108.60. Following the sale, the executive vice president now owns 2,675 shares of the company’s stock, valued at approximately $385,735. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,084,194 shares of company stock worth $151,162,540. 5.70% of the stock is owned by company 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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