Concurrent Investment Advisors LLC Raises Stock Position in Intuit Inc. (NASDAQ:INTU)

Concurrent Investment Advisors LLC increased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 43.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,744 shares of the software maker’s stock after purchasing an additional 1,747 shares during the period. Concurrent Investment Advisors LLC’s holdings in Intuit were worth $3,733,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Parnassus Investments LLC grew its holdings in Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in shares of Intuit by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock valued at $13,293,000 after acquiring an additional 226 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Intuit by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after acquiring an additional 1,990 shares during the last quarter. Hixon Zuercher LLC acquired a new position in shares of Intuit in the fourth quarter worth about $1,292,000. Finally, Wellington Management Group LLP boosted its holdings in Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INTU has been the topic of several analyst reports. Bank of America dropped their price objective on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Stifel Nicolaus cut their price target on shares of Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Jefferies Financial Group reissued a “buy” rating and set a $770.00 price objective on shares of Intuit in a report on Thursday, June 13th. Citigroup upped their target price on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, KeyCorp lifted their price target on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Five research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $687.22.

Intuit Stock Performance

INTU stock traded up $15.89 on Monday, reaching $657.84. The company’s stock had a trading volume of 509,302 shares, compared to its average volume of 1,334,087. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market capitalization of $183.90 billion, a P/E ratio of 60.49, a price-to-earnings-growth ratio of 3.67 and a beta of 1.23. The firm has a fifty day moving average of $623.58 and a two-hundred day moving average of $630.55.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. The company had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $7.80 earnings per share. As a group, analysts predict that Intuit Inc. will post 11.72 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s dividend payout ratio (DPR) is presently 33.21%.

Insider Activity at Intuit

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the sale, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the transaction, the insider now owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The disclosure for this sale can be found here. Insiders have sold 195,963 shares of company stock worth $114,442,445 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Intuit Company Profile

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.