Intuit Inc. (NASDAQ:INTU) Shares Bought by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 14.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 88,800 shares of the software maker’s stock after acquiring an additional 11,140 shares during the period. Intuit accounts for about 2.6% of Nippon Life Global Investors Americas Inc.’s investment portfolio, making the stock its 10th largest holding. Nippon Life Global Investors Americas Inc.’s holdings in Intuit were worth $58,360,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. LGT Financial Advisors LLC purchased a new stake in Intuit in the 2nd quarter valued at about $25,000. Cultivar Capital Inc. acquired a new position in Intuit during the second quarter worth approximately $26,000. Fairway Wealth LLC acquired a new position in shares of Intuit in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Intuit during the 2nd quarter valued at $35,000. Finally, J.Safra Asset Management Corp acquired a new stake in shares of Intuit during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

INTU has been the subject of a number of research reports. Bank of America boosted their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a research report on Friday. Citigroup lifted their price target on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. increased their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Finally, Stifel Nicolaus raised their target price on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $720.37.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the sale, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at approximately $664,020. The disclosure for this sale can be found here. Insiders have sold a total of 22,389 shares of company stock valued at $14,231,188 in the last quarter. Insiders own 2.90% of the company’s stock.

Intuit Stock Performance

Intuit stock opened at $644.99 on Monday. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a market cap of $180.31 billion, a P/E ratio of 59.50, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The stock has a 50 day moving average of $636.82 and a 200-day moving average of $631.11.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. The company 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 firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period last year, the business earned $0.40 EPS. On average, analysts expect that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.64%. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is presently 38.38%.

Intuit 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.