Congress Asset Management Co. Grows Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Congress Asset Management Co. grew its holdings in Intuit Inc. (NASDAQ:INTU) by 0.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 217,241 shares of the software maker’s stock after buying an additional 1,627 shares during the period. Congress Asset Management Co. owned approximately 0.08% of Intuit worth $134,907,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. LGT Financial Advisors LLC bought a new stake in shares of Intuit in the 2nd quarter valued at approximately $25,000. Cultivar Capital Inc. bought a new stake in Intuit in the second quarter worth $26,000. Fairway Wealth LLC bought a new stake in shares of Intuit in the 2nd quarter worth about $26,000. Northwest Investment Counselors LLC purchased a new stake in Intuit in the 3rd quarter worth about $27,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Intuit during the second quarter valued at approximately $35,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Performance

INTU traded down $6.29 during midday trading on Thursday, hitting $614.82. 162,406 shares of the company were exchanged, compared to its average volume of 1,310,427. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a 1-year low of $481.94 and a 1-year high of $676.62. The company’s 50 day simple moving average is $623.98 and its 200 day simple moving average is $626.49. The firm has a market capitalization of $171.87 billion, a price-to-earnings ratio of 57.30, a price-to-earnings-growth ratio of 2.98 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 earnings per share. As a group, sell-side analysts predict that Intuit Inc. will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. Intuit’s dividend payout ratio is 38.38%.

Insiders Place Their Bets

In other news, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Intuit news, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kerry J. Mclean sold 11,079 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the sale, the executive vice president now owns 24,941 shares in the company, valued at approximately $15,752,985.01. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,297 shares of company stock valued at $35,220,046. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Bank of America boosted their price objective on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Royal Bank of Canada assumed coverage on Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Stifel Nicolaus upped their price objective on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Finally, StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $735.71.

Intuit Company Profile

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.