Ted Buchan & Co Takes $6.98 Million Position in Intuit Inc. (NASDAQ:INTU)

Ted Buchan & Co bought a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 10,622 shares of the software maker’s stock, valued at approximately $6,981,000. Intuit comprises 3.7% of Ted Buchan & Co’s holdings, making the stock its 10th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Fortitude Family Office LLC boosted its stake in shares of Intuit by 2.8% during the 2nd quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after buying an additional 16 shares during the last quarter. WASHINGTON TRUST Co lifted its stake in Intuit by 10.5% during the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after purchasing an additional 16 shares during the last quarter. Gemmer Asset Management LLC lifted its stake in Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in Intuit by 2.6% during the first quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock worth $429,000 after purchasing an additional 17 shares during the last quarter. Finally, Stonebrook Private Inc. lifted its stake in Intuit by 4.5% during the first quarter. Stonebrook Private Inc. now owns 398 shares of the software maker’s stock worth $259,000 after purchasing an additional 17 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eve B. Burton sold 2,988 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold 51,583 shares of company stock valued at $32,975,909 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

INTU has been the topic of several research analyst reports. Barclays reduced their price objective on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. JPMorgan Chase & Co. raised their price objective on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Monday. Citigroup increased their target price on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Intuit Trading Up 0.3 %

Shares of INTU stock opened at $621.00 on Tuesday. The stock has a 50-day simple moving average of $634.62 and a 200 day simple moving average of $630.21. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The stock has a market capitalization of $173.60 billion, a P/E ratio of 57.29, a P/E/G ratio of 3.13 and a beta of 1.24. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the business posted $0.40 earnings per share. The company’s quarterly revenue was up 17.4% on a year-over-year basis. On average, sell-side analysts expect that Intuit Inc. will post 14.07 earnings per share for the current fiscal year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.67%. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

About Intuit

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.