Westpac Banking Corp Has $8.35 Million Position in Intuit Inc. (INTU)
Westpac Banking Corp cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 92.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,846 shares of the software maker’s stock after selling 798,169 shares during the period. Westpac Banking Corp’s holdings in Intuit were worth $8,347,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Guardian Life Insurance Co. of America raised its stake in Intuit by 0.5% in the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock valued at $109,000 after buying an additional 5 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new stake in Intuit during the second quarter valued at about $123,000. Johnson Financial Group Inc. raised its stake in Intuit by 5.8% in the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock valued at $126,000 after buying an additional 59 shares during the last quarter. Lincoln National Corp bought a new stake in Intuit during the first quarter valued at about $205,000. Finally, Pax World Management LLC bought a new stake in Intuit during the first quarter valued at about $205,000. 85.63% of the stock is owned by institutional investors and hedge funds.
Intuit Inc. (INTU) opened at 141.90 on Friday. The firm’s 50-day moving average price is $136.63 and its 200 day moving average price is $129.85. The stock has a market capitalization of $36.47 billion, a P/E ratio of 38.15 and a beta of 1.15. Intuit Inc. has a 12-month low of $103.22 and a 12-month high of $143.81.
Intuit (NASDAQ:INTU) last released its quarterly earnings results on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. Intuit had a return on equity of 82.43% and a net margin of 18.76%. The company had revenue of $842 million for the quarter, compared to analysts’ expectations of $808.82 million. During the same period in the prior year, the firm earned $0.08 earnings per share. The firm’s revenue was up 11.7% compared to the same quarter last year. On average, equities analysts anticipate that Intuit Inc. will post $4.97 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 10th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.10%. This is a boost from Intuit’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, October 6th. Intuit’s dividend payout ratio is 36.56%.
Several research firms have recently issued reports on INTU. CIBC raised their price objective on Intuit from $125.00 to $141.00 and gave the company an “outperform” rating in a research note on Friday, May 26th. Jefferies Group LLC began coverage on Intuit in a research note on Thursday, August 24th. They issued a “buy” rating and a $157.00 price objective for the company. Deutsche Bank AG reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Intuit in a research note on Wednesday, August 23rd. Barclays PLC reaffirmed an “equal weight” rating on shares of Intuit in a research note on Sunday, May 28th. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Intuit in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. Intuit has a consensus rating of “Hold” and an average target price of $137.59.
In other Intuit news, EVP Henry Tayloe Stansbury sold 5,350 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $140.25, for a total transaction of $750,337.50. Following the transaction, the executive vice president now directly owns 6,242 shares in the company, valued at $875,440.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel A. Wernikoff sold 15,684 shares of the company’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $140.50, for a total value of $2,203,602.00. The disclosure for this sale can be found here. Insiders have sold 487,177 shares of company stock worth $65,982,286 over the last 90 days. 5.70% of the stock is owned by insiders.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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