Intuit Inc. (INTU) Shares Bought by Waverton Investment Management Ltd
Waverton Investment Management Ltd lifted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 24.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 269,316 shares of the software maker’s stock after acquiring an additional 52,832 shares during the period. Intuit makes up 3.2% of Waverton Investment Management Ltd’s investment portfolio, making the stock its 16th biggest position. Waverton Investment Management Ltd owned about 0.10% of Intuit worth $53,015,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital International Investors bought a new stake in Intuit in the third quarter worth $1,273,455,000. Fundsmith Equity Fund L.P. bought a new stake in Intuit in the second quarter worth $810,956,000. Bank of New York Mellon Corp lifted its stake in 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 purchasing an additional 2,851,950 shares during the last quarter. BlackRock Inc. lifted its stake in Intuit by 8.0% in the third quarter. BlackRock Inc. now owns 18,793,808 shares of the software maker’s stock worth $4,273,712,000 after purchasing an additional 1,398,906 shares during the last quarter. Finally, FMR LLC lifted its stake in Intuit by 14.3% in the second quarter. FMR LLC now owns 10,343,136 shares of the software maker’s stock worth $2,113,155,000 after purchasing an additional 1,290,503 shares during the last quarter. 86.17% of the stock is owned by institutional investors.
In related news, CEO Brad D. Smith sold 22,418 shares of the business’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $205.63, for a total transaction of $4,609,813.34. Following the transaction, the chief executive officer now owns 292,520 shares in the company, valued at $60,150,887.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Sasan K. Goodarzi sold 85,835 shares of the business’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $196.74, for a total transaction of $16,887,177.90. Following the transaction, the executive vice president now owns 90,837 shares in the company, valued at approximately $17,871,271.38. The disclosure for this sale can be found here. Insiders have sold 347,207 shares of company stock worth $68,710,900 in the last quarter. 4.60% of the stock is owned by corporate insiders.
Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Monday, November 19th. The software maker reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.18. Intuit had a net margin of 20.71% and a return on equity of 56.35%. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $971.45 million. During the same quarter in the previous year, the company earned $0.11 earnings per share. Intuit’s quarterly revenue was up 11.6% on a year-over-year basis. Research analysts anticipate that Intuit Inc. will post 5.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 18th. Investors of record on Thursday, January 10th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Wednesday, January 9th. Intuit’s dividend payout ratio is currently 41.50%.
Several research firms have weighed in on INTU. Credit Suisse Group boosted their price target on shares of Intuit from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, September 28th. Argus lowered their price target on shares of Intuit from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Wednesday, November 21st. Royal Bank of Canada raised shares of Intuit from a “sector perform” rating to an “outperform” rating and set a $93.00 price target for the company in a research note on Monday, November 26th. Deutsche Bank assumed coverage on shares of Intuit in a research note on Monday, October 8th. They set a “buy” rating and a $265.00 price objective for the company. Finally, KeyCorp assumed coverage on shares of Intuit in a research note on Tuesday, December 18th. They set an “overweight” rating and a $250.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $222.50.
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.
Further Reading: Cost of Capital Explained
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