Summit Global Investments Buys 2,968 Shares of Intuit Inc. (NASDAQ:INTU)

Summit Global Investments lifted its stake in Intuit Inc. (NASDAQ:INTU) by 8.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,506 shares of the software maker’s stock after buying an additional 2,968 shares during the quarter. Intuit comprises 1.3% of Summit Global Investments’ portfolio, making the stock its 24th biggest holding. Summit Global Investments’ holdings in Intuit were worth $9,804,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc lifted its position in shares of Intuit by 3.9% in the third quarter. Vanguard Group Inc now owns 18,997,220 shares of the software maker’s stock worth $4,319,968,000 after purchasing an additional 704,771 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Intuit by 66.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 24,848 shares of the software maker’s stock worth $4,891,000 after purchasing an additional 9,931 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Intuit by 40.3% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 7,857 shares of the software maker’s stock worth $1,547,000 after purchasing an additional 2,257 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Intuit by 9.5% in the fourth quarter. Victory Capital Management Inc. now owns 5,102 shares of the software maker’s stock worth $1,004,000 after purchasing an additional 442 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in shares of Intuit by 17,362.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 20,327,715 shares of the software maker’s stock worth $103,000 after purchasing an additional 20,211,306 shares in the last quarter. 87.97% of the stock is currently owned by hedge funds and other institutional investors.

In other Intuit news, CFO Michelle M. Clatterbuck sold 10,628 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $256.27, for a total value of $2,723,637.56. Following the transaction, the chief financial officer now directly owns 10,628 shares in the company, valued at $2,723,637.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Scott D. Cook sold 103,817 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $258.59, for a total transaction of $26,846,038.03. The disclosure for this sale can be found here. Over the last quarter, insiders sold 143,962 shares of company stock worth $37,293,389. Corporate insiders own 4.60% of the company’s stock.

A number of analysts have recently commented on INTU shares. Credit Suisse Group reissued a “hold” rating and issued a $255.00 price objective on shares of Intuit in a research report on Thursday, February 21st. Zacks Investment Research raised shares of Intuit from a “hold” rating to a “strong-buy” rating and set a $285.00 price target on the stock in a research report on Tuesday, February 26th. ValuEngine raised shares of Intuit from a “buy” rating to a “strong-buy” rating in a research report on Thursday, February 28th. Bank of America reaffirmed a “buy” rating and set a $264.00 price target (up from $252.00) on shares of Intuit in a research report on Wednesday, March 6th. Finally, Morgan Stanley upped their price target on shares of Intuit from $225.00 to $245.00 and gave the stock an “equal weight” rating in a research report on Monday, March 25th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Intuit presently has a consensus rating of “Buy” and an average target price of $252.55.

Shares of NASDAQ:INTU traded down $2.36 on Friday, hitting $254.83. The company had a trading volume of 12,732 shares, compared to its average volume of 1,327,571. Intuit Inc. has a 1-year low of $182.61 and a 1-year high of $272.14. The company has a market cap of $66.67 billion, a P/E ratio of 56.53, a P/E/G ratio of 2.92 and a beta of 1.10. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.85 and a quick ratio of 1.85.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, May 23rd. The software maker reported $5.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $5.12 by $0.43. Intuit had a net margin of 24.34% and a return on equity of 52.65%. The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.23 billion. During the same period in the previous year, the company earned $4.82 earnings per share. The company’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, equities research analysts expect that Intuit Inc. will post 5.49 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.88 annualized dividend and a dividend yield of 0.74%. Intuit’s dividend payout ratio is currently 41.50%.

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About Intuit

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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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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