Intuit Inc. (NASDAQ:INTU) Stock Position Raised by Synovus Financial Corp

Synovus Financial Corp increased its position in Intuit Inc. (NASDAQ:INTU) by 3.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 7,495 shares of the software maker’s stock after purchasing an additional 231 shares during the period. Synovus Financial Corp’s holdings in Intuit were worth $4,654,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LGT Financial Advisors LLC acquired a new position in Intuit during the second quarter valued at $25,000. Cultivar Capital Inc. acquired a new position in shares of Intuit in the 2nd quarter valued at about $26,000. Fairway Wealth LLC purchased a new stake in shares of Intuit in the second quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of Intuit during the third quarter worth approximately $27,000. Finally, Hobbs Group Advisors LLC purchased a new position in Intuit during the second quarter valued at approximately $35,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Performance

Shares of NASDAQ INTU opened at $656.45 on Friday. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The company has a market cap of $183.75 billion, a P/E ratio of 63.73, a P/E/G ratio of 3.31 and a beta of 1.24. The business’s 50 day moving average is $639.96 and its two-hundred day moving average is $631.84. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the previous year, the firm posted $1.14 earnings per share. Intuit’s revenue was up 10.2% compared to the same quarter last year. On average, equities analysts expect that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Thursday, January 9th. Intuit’s payout ratio is presently 40.39%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INTU. Scotiabank started coverage on shares of Intuit in a research report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 target price for the company. Morgan Stanley lifted their price objective on Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a research report on Friday, November 22nd. Bank of America upped their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Jefferies Financial Group lifted their price target on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Barclays dropped their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Insider Buying and Selling

In other news, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now directly owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. This trade represents a 0.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alex G. Balazs sold 23,810 shares of Intuit stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the sale, the executive vice president now owns 489 shares in the company, valued at approximately $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 150,542 shares of company stock valued at $97,235,054 over the last three months. 2.68% of the stock is owned by corporate 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.