Wedbush Securities Inc. Increases Stake in Intuit Inc. (INTU)

Wedbush Securities Inc. grew its holdings in Intuit Inc. (NASDAQ:INTU) by 13.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,967 shares of the software maker’s stock after buying an additional 238 shares during the period. Wedbush Securities Inc.’s holdings in Intuit were worth $514,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in INTU. Bank of New York Mellon Corp raised its holdings in shares of 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 valued at $649,932,000 after buying an additional 2,851,950 shares during the last quarter. Martingale Asset Management L P raised its holdings in shares of Intuit by 1.1% in the third quarter. Martingale Asset Management L P now owns 316,329 shares of the software maker’s stock valued at $71,934,000 after buying an additional 3,512 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Intuit by 22.2% in the third quarter. LPL Financial LLC now owns 20,734 shares of the software maker’s stock valued at $4,715,000 after buying an additional 3,768 shares during the last quarter. Kentucky Retirement Systems purchased a new stake in shares of Intuit in the third quarter valued at about $1,795,000. Finally, TIAA CREF Investment Management LLC raised its holdings in shares of Intuit by 0.6% in the third quarter. TIAA CREF Investment Management LLC now owns 4,143,604 shares of the software maker’s stock valued at $942,256,000 after buying an additional 22,924 shares during the last quarter. 87.68% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have recently issued reports on the stock. Deutsche Bank boosted their price target on shares of Intuit from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Guggenheim boosted their price target on shares of Intuit from $260.00 to $310.00 in a research note on Thursday, April 11th. BidaskClub lowered shares of Intuit from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, April 9th. KeyCorp boosted their price target on shares of Intuit from $255.00 to $285.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada boosted their price target on shares of Intuit from $274.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 2nd. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Intuit has a consensus rating of “Hold” and a consensus target price of $240.00.

In other news, EVP James Alexander Chriss sold 923 shares of the stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $247.10, for a total value of $228,073.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dennis D. Powell sold 4,083 shares of the stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $248.96, for a total transaction of $1,016,503.68. Following the completion of the sale, the director now owns 3,550 shares in the company, valued at $883,808. The disclosure for this sale can be found here. Insiders have sold 90,609 shares of company stock worth $22,757,853 over the last 90 days. 4.60% of the stock is currently owned by company insiders.

Shares of INTU opened at $257.77 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.13. Intuit Inc. has a twelve month low of $174.35 and a twelve month high of $272.14. The stock has a market cap of $66.78 billion, a price-to-earnings ratio of 56.90, a P/E/G ratio of 2.99 and a beta of 1.19.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, February 21st. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.44. Intuit had a net margin of 22.89% and a return on equity of 53.70%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the business posted $0.35 earnings per share. Equities analysts anticipate that Intuit Inc. will post 5.31 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $1.88 annualized dividend and a yield of 0.73%. Intuit’s payout ratio is currently 41.50%.

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About Intuit

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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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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