Tredje AP fonden Buys 6,100 Shares of Intuit Inc. (NASDAQ:INTU)

Tredje AP fonden boosted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 8.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 74,287 shares of the software maker’s stock after purchasing an additional 6,100 shares during the period. Tredje AP fonden’s holdings in Intuit were worth $48,822,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Intech Investment Management LLC raised its position in shares of Intuit by 134.7% in the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after purchasing an additional 2,641 shares during the period. Parnassus Investments LLC boosted its holdings in shares of 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 period. Public Employees Retirement System of Ohio increased its stake 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 purchasing an additional 1,990 shares during the period. Wellington Management Group LLP boosted its stake 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 during the period. Finally, Cetera Advisors LLC increased its position in Intuit by 33.4% during the 1st quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after buying an additional 2,655 shares during the period. 83.66% of the stock is owned by institutional investors.

Insider Activity at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was 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 approximately $664,020. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 16,940 shares of company stock valued at $10,721,252. 2.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on INTU shares. Bank of America boosted their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Stifel Nicolaus raised their target price on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Barclays cut their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Finally, Royal Bank of Canada started coverage on Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and sixteen have issued 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 price target of $720.37.

Intuit Stock Performance

Shares of INTU opened at $644.82 on Wednesday. The stock has a 50-day moving average of $636.25 and a 200-day moving average of $631.29. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The company 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.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the prior year, the firm earned $0.40 earnings per share. Intuit’s revenue for the quarter was up 17.4% on a year-over-year basis. On average, equities research 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. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. Intuit’s payout ratio is presently 38.38%.

About Intuit

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.