Mercer Global Advisors Inc. ADV acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the first quarter, HoldingsChannel reports. The fund acquired 4,485 shares of the software maker’s stock, valued at approximately $883,000.
Several other large investors have also made changes to their positions in INTU. Bank of New York Mellon Corp grew its stake in shares of Intuit by 46,373.2% in the third quarter. Bank of New York Mellon Corp now owns 2,858,100 shares of the software maker’s stock worth $649,932,000 after acquiring an additional 2,851,950 shares during the last quarter. Martingale Asset Management L P grew its stake in shares of Intuit by 1.1% in the third quarter. Martingale Asset Management L P now owns 316,329 shares of the software maker’s stock worth $71,934,000 after acquiring an additional 3,512 shares during the last quarter. LPL Financial LLC grew its stake in shares of Intuit by 22.2% in the third quarter. LPL Financial LLC now owns 20,734 shares of the software maker’s stock worth $4,715,000 after acquiring an additional 3,768 shares during the last quarter. DF Dent & Co. Inc. purchased a new stake in shares of Intuit in the third quarter worth $1,030,000. Finally, Resources Management Corp CT ADV purchased a new stake in shares of Intuit in the third quarter worth $193,000. 87.68% of the stock is owned by institutional investors and hedge funds.
In other Intuit news, EVP Laura A. Fennell sold 67,488 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $251.43, for a total value of $16,968,507.84. Following the transaction, the executive vice president now owns 95,102 shares of the company’s stock, valued at $23,911,495.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Mark J. Flournoy sold 5,939 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $251.18, for a total value of $1,491,758.02. Following the completion of the transaction, the vice president now directly owns 3,626 shares in the company, valued at approximately $910,778.68. The disclosure for this sale can be found here. In the last three months, insiders sold 90,609 shares of company stock worth $22,757,853. 4.60% of the stock is owned by corporate insiders.
Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, February 21st. The software maker reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.44. Intuit had a return on equity of 53.70% and a net margin of 22.89%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, equities analysts predict that Intuit Inc. will post 5.31 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date is Tuesday, April 9th. Intuit’s dividend payout ratio is 41.50%.
A number of equities research analysts have recently commented on INTU shares. KeyCorp started coverage on Intuit in a research note on Tuesday, December 18th. They issued an “overweight” rating and a $250.00 target price on the stock. Zacks Investment Research raised Intuit from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a research note on Monday, January 21st. Credit Suisse Group reissued an “outperform” rating and issued a $255.00 target price (up from $250.00) on shares of Intuit in a research note on Tuesday, January 22nd. Goldman Sachs Group reissued a “neutral” rating and issued a $212.00 target price on shares of Intuit in a research note on Friday, February 1st. Finally, Morgan Stanley raised Intuit from an “underweight” rating to an “equal weight” rating and set a $225.00 target price on the stock in a research note on Monday, February 4th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Intuit currently has a consensus rating of “Hold” and a consensus target price of $240.00.
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Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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