Zega Financial LLC Boosts Stake in Intuit Inc. (NASDAQ:INTU)

Zega Financial LLC raised its stake in Intuit Inc. (NASDAQ:INTU) by 38.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,520 shares of the software maker’s stock after acquiring an additional 424 shares during the quarter. Zega Financial LLC’s holdings in Intuit were worth $999,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in Intuit by 173.0% in the 4th 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 in the last quarter. Lone Pine Capital LLC purchased a new position in shares of Intuit during the fourth quarter valued at approximately $467,852,000. Parnassus Investments LLC boosted its position in Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares during the last quarter. Capital World Investors boosted its position in Intuit by 54.7% during the fourth quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock worth $735,480,000 after acquiring an additional 416,099 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in Intuit by 940.4% in the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock worth $205,186,000 after acquiring an additional 285,328 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the transaction, the executive vice president now directly owns 20 shares in the company, valued at approximately $12,575.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,940 shares of company stock worth $10,721,252. 2.90% of the stock is currently owned by corporate insiders.

Intuit Stock Down 0.2 %

NASDAQ INTU opened at $644.82 on Wednesday. The stock has a market cap of $180.26 billion, a PE ratio of 59.49, a P/E/G ratio of 3.14 and a beta of 1.24. The business has a 50 day moving average price of $636.25 and a two-hundred day moving average price of $631.29. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the firm earned $0.40 earnings per share. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. As a group, sell-side analysts predict that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.65%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is presently 38.38%.

Analysts Set New Price Targets

Several research firms have recently issued reports on INTU. BMO Capital Markets raised their price objective on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Stifel Nicolaus lifted their price target on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Royal Bank of Canada began coverage on shares of Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Finally, Wells Fargo & Company increased their target price on Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $720.37.

Intuit 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.