Rafferty Asset Management LLC Boosts Holdings in Intuit Inc. (NASDAQ:INTU)

Rafferty Asset Management LLC boosted its position in shares of Intuit Inc. (NASDAQ:INTUFree Report) by 18.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 106,213 shares of the software maker’s stock after acquiring an additional 16,186 shares during the period. Rafferty Asset Management LLC’s holdings in Intuit were worth $66,386,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Intuit by 0.5% during the third quarter. Vanguard Group Inc. now owns 25,331,318 shares of the software maker’s stock valued at $12,942,784,000 after acquiring an additional 117,478 shares during the last quarter. FMR LLC increased its stake in Intuit by 5.0% during the 3rd quarter. FMR LLC now owns 5,636,635 shares of the software maker’s stock valued at $2,879,982,000 after purchasing an additional 266,803 shares in the last quarter. Morgan Stanley increased its stake in Intuit by 3.7% during the 3rd quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock valued at $1,966,304,000 after purchasing an additional 137,198 shares in the last quarter. Brown Advisory Inc. increased its stake in Intuit by 2.3% during the 4th quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock valued at $2,217,681,000 after purchasing an additional 80,517 shares in the last quarter. Finally, Norges Bank acquired a new position in Intuit during the 4th quarter valued at approximately $2,101,848,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Intuit news, insider Scott D. Cook sold 14,748 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $567.40, for a total value of $8,368,015.20. Following the completion of the sale, the insider now directly owns 6,701,721 shares of the company’s stock, valued at approximately $3,802,556,495.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction 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 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. In the last ninety days, insiders sold 91,908 shares of company stock valued at $54,521,562. 2.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

INTU has been the topic of a number of recent analyst reports. Jefferies Financial Group upped their price target on shares of Intuit from $760.00 to $770.00 and gave the company a “buy” rating in a research note on Friday, May 24th. Evercore ISI upped their price target on shares of Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Susquehanna cut their price target on shares of Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a research note on Friday, May 24th. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Finally, Mizuho upped their price target on shares of Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Four analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $679.41.

View Our Latest Stock Report on Intuit

Intuit Price Performance

Intuit stock traded up $4.84 during trading on Tuesday, reaching $572.06. The company had a trading volume of 1,168,938 shares, compared to its average volume of 1,299,848. The firm has a market capitalization of $159.92 billion, a PE ratio of 52.33, a price-to-earnings-growth ratio of 3.29 and a beta of 1.21. The firm’s 50-day simple moving average is $628.06 and its 200 day simple moving average is $624.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. Intuit Inc. has a 1-year low of $419.30 and a 1-year high of $676.62.

Intuit (NASDAQ:INTUGet Free Report) last released its earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $7.80 earnings per share. As a group, equities research analysts anticipate that Intuit Inc. will post 11.73 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Wednesday, July 10th. Intuit’s dividend payout ratio is presently 33.21%.

Intuit Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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