Pennsylvania Trust Co increased its position in shares of Intuit Inc. (NASDAQ:INTU) by 12.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,847 shares of the software maker’s stock after purchasing an additional 1,597 shares during the period. Pennsylvania Trust Co’s holdings in Intuit were worth $3,376,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in INTU. Private Trust Co. NA purchased a new stake in Intuit in the 3rd quarter valued at about $553,000. Waverton Investment Management Ltd purchased a new stake in Intuit in the 3rd quarter valued at about $49,228,000. United Services Automobile Association boosted its position in Intuit by 11.5% in the 2nd quarter. United Services Automobile Association now owns 174,205 shares of the software maker’s stock valued at $35,591,000 after buying an additional 18,020 shares during the period. Old Port Advisors purchased a new stake in Intuit in the 2nd quarter valued at about $995,000. Finally, Royal London Asset Management Ltd. purchased a new stake in Intuit in the 2nd quarter valued at about $20,619,000. 87.03% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:INTU opened at $204.44 on Thursday. Intuit Inc. has a one year low of $143.18 and a one year high of $231.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market capitalization of $58.82 billion, a PE ratio of 45.13, a price-to-earnings-growth ratio of 2.41 and a beta of 1.20.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 18th. Stockholders of record on Wednesday, October 10th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $1.88 annualized dividend and a dividend yield of 0.92%. This is a positive change from Intuit’s previous quarterly dividend of $0.39. Intuit’s payout ratio is currently 34.44%.
Several research firms have issued reports on INTU. BidaskClub cut shares of Intuit from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Deutsche Bank began coverage on shares of Intuit in a research report on Monday. They issued a “buy” rating and a $265.00 price objective for the company. Argus boosted their price objective on shares of Intuit from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, October 4th. Evercore ISI raised shares of Intuit from an “in-line” rating to an “outperform” rating in a research report on Wednesday, October 3rd. Finally, Credit Suisse Group boosted their price objective on shares of Intuit from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, September 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. Intuit has an average rating of “Buy” and a consensus price target of $224.29.
In related news, Director Dennis D. Powell sold 4,554 shares of the business’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $215.05, for a total transaction of $979,337.70. Following the completion of the transaction, the director now owns 4,083 shares in the company, valued at approximately $878,049.15. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Scott D. Cook sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $211.66, for a total transaction of $21,166,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 622,236 shares of company stock valued at $137,883,071. Company insiders own 5.59% of the company’s stock.
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States and internationally. The company's Small Business segment provides small business payroll products and services, including QuickBooks Desktop software products, such as Desktop Pro, Desktop for Mac, Desktop Premier, and Enterprise; QuickBooks Basic Payroll and QuickBooks Enhanced Payroll; QuickBooks Point of Sale solutions; ProAdvisor Program memberships for accounting professionals; and financial supplies.
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