Norway Savings Bank Makes New Investment in Intuit Inc. (NASDAQ:INTU)

Norway Savings Bank acquired a new position in shares of Intuit Inc. (NASDAQ:INTU) during the third quarter, Holdings Channel reports. The fund acquired 100 shares of the software maker’s stock, valued at approximately $33,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. boosted its holdings in Intuit by 4.1% during the 2nd quarter. BlackRock Inc. now owns 23,085,334 shares of the software maker’s stock worth $6,837,643,000 after acquiring an additional 916,632 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Intuit by 6.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,974,425 shares of the software maker’s stock worth $880,994,000 after acquiring an additional 178,720 shares during the last quarter. Bank of America Corp DE boosted its holdings in Intuit by 2.6% during the 2nd quarter. Bank of America Corp DE now owns 2,631,783 shares of the software maker’s stock worth $779,509,000 after acquiring an additional 66,772 shares during the last quarter. Winslow Capital Management LLC boosted its holdings in Intuit by 1.3% during the 2nd quarter. Winslow Capital Management LLC now owns 1,780,182 shares of the software maker’s stock worth $527,271,000 after acquiring an additional 22,646 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Intuit by 30.8% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,752,372 shares of the software maker’s stock worth $518,148,000 after acquiring an additional 412,257 shares during the last quarter. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Chairman Brad D. Smith sold 18,773 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $342.01, for a total transaction of $6,420,553.73. Following the completion of the transaction, the chairman now owns 304,706 shares of the company’s stock, valued at $104,212,499.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gregory N. Johnson sold 3,069 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $341.96, for a total value of $1,049,475.24. Following the transaction, the executive vice president now directly owns 13,192 shares of the company’s stock, valued at approximately $4,511,136.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 244,742 shares of company stock worth $83,471,109. Company insiders own 4.09% of the company’s stock.

Shares of INTU opened at $341.15 on Friday. The business’s 50-day moving average price is $327.71 and its 200-day moving average price is $295.26. Intuit Inc. has a twelve month low of $187.68 and a twelve month high of $360.00. The stock has a market cap of $89.32 billion, a PE ratio of 49.30, a P/E/G ratio of 3.74 and a beta of 0.99. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.40.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Tuesday, August 25th. The software maker reported $1.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.95. Intuit had a return on equity of 40.79% and a net margin of 23.78%. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same period in the prior year, the business posted ($0.09) earnings per share. The company’s revenue was up 81.1% on a year-over-year basis. Analysts expect that Intuit Inc. will post 7.11 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 19th. Stockholders of record on Monday, October 12th will be given a dividend of $0.59 per share. The ex-dividend date is Thursday, October 8th. This is a boost from Intuit’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 0.69%. Intuit’s dividend payout ratio is currently 35.98%.

A number of equities analysts recently weighed in on the stock. Credit Suisse Group boosted their price target on shares of Intuit from $330.00 to $375.00 and gave the stock an “outperform” rating in a report on Wednesday, August 26th. Wells Fargo & Company boosted their price target on shares of Intuit from $345.00 to $380.00 and gave the stock an “overweight” rating in a report on Wednesday, August 26th. Jefferies Financial Group boosted their price target on shares of Intuit from $340.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. KeyCorp boosted their price target on shares of Intuit from $315.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, August 24th. Finally, Guggenheim boosted their price target on shares of Intuit from $320.00 to $395.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the company. Intuit currently has a consensus rating of “Buy” and an average target price of $360.94.

Intuit Company Profile

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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