Sheets Smith Wealth Management Raises Stake in Intuit Inc. (INTU)
Sheets Smith Wealth Management raised its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 2.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,927 shares of the software maker’s stock after acquiring an additional 500 shares during the quarter. Intuit makes up approximately 1.2% of Sheets Smith Wealth Management’s holdings, making the stock its 20th biggest position. Sheets Smith Wealth Management’s holdings in Intuit were worth $4,316,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of INTU. Cognios Capital LLC bought a new position in shares of Intuit during the 2nd quarter worth approximately $1,028,000. FMR LLC grew its stake in shares of Intuit by 14.3% in the second quarter. FMR LLC now owns 10,343,136 shares of the software maker’s stock valued at $2,113,155,000 after buying an additional 1,290,503 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Intuit by 14.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,204 shares of the software maker’s stock valued at $859,000 after buying an additional 521 shares in the last quarter. Glen Harbor Capital Management LLC grew its stake in shares of Intuit by 40.8% in the second quarter. Glen Harbor Capital Management LLC now owns 6,240 shares of the software maker’s stock valued at $1,275,000 after buying an additional 1,808 shares in the last quarter. Finally, Raymond James & Associates grew its stake in shares of Intuit by 30.7% in the second quarter. Raymond James & Associates now owns 61,676 shares of the software maker’s stock valued at $12,601,000 after buying an additional 14,494 shares in the last quarter. 86.17% of the stock is owned by institutional investors.
In other news, EVP Sasan K. Goodarzi sold 85,835 shares of Intuit stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $196.74, for a total transaction of $16,887,177.90. Following the completion of the sale, the executive vice president now owns 90,837 shares of the company’s stock, valued at $17,871,271.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brad D. Smith sold 22,418 shares of Intuit stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $205.63, for a total value of $4,609,813.34. Following the sale, the chief executive officer now directly owns 292,520 shares of the company’s stock, valued at approximately $60,150,887.60. The disclosure for this sale can be found here. Insiders have sold a total of 347,207 shares of company stock valued at $68,710,900 in the last ninety days. Insiders own 4.60% of the company’s stock.
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 return on equity of 56.35% and a net margin of 20.71%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $971.45 million. During the same quarter last year, the firm posted $0.11 EPS. The company’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that Intuit Inc. will post 5.26 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 18th. Shareholders of record on Thursday, January 10th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend is Wednesday, January 9th. Intuit’s dividend payout ratio is 41.50%.
Several equities analysts recently weighed in on INTU shares. BidaskClub cut shares of Intuit from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 9th. Royal Bank of Canada cut shares of Intuit from an “outperform” rating to a “sector perform” rating and set a $197.05 target price for the company. in a research note on Sunday, December 2nd. JPMorgan Chase & Co. cut shares of Intuit from a “neutral” rating to an “underweight” rating and set a $205.00 target price for the company. in a research note on Thursday, December 13th. Evercore ISI raised shares of Intuit from an “in-line” rating to an “outperform” rating in a research note on Wednesday, October 3rd. Finally, Credit Suisse Group set a $250.00 target price on shares of Intuit and gave the company a “buy” rating in a research note on Monday, October 15th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $222.50.
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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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