Tokio Marine Asset Management Co. Ltd. raised its position in Intuit Inc. (NASDAQ:INTU) by 52.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,003 shares of the software maker’s stock after acquiring an additional 18,953 shares during the quarter. Intuit makes up about 1.2% of Tokio Marine Asset Management Co. Ltd.’s investment portfolio, making the stock its 20th largest holding. Tokio Marine Asset Management Co. Ltd.’s holdings in Intuit were worth $7,818,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. FineMark National Bank & Trust raised its stake in Intuit by 0.4% in the 2nd quarter. FineMark National Bank & Trust now owns 2,716 shares of the software maker’s stock worth $361,000 after purchasing an additional 11 shares in the last quarter. Cue Financial Group Inc. increased its holdings in Intuit by 0.3% in the 2nd quarter. Cue Financial Group Inc. now owns 7,004 shares of the software maker’s stock valued at $930,000 after buying an additional 20 shares during the period. Harbour Capital Advisors LLC increased its holdings in Intuit by 0.6% in the 1st quarter. Harbour Capital Advisors LLC now owns 4,061 shares of the software maker’s stock valued at $471,000 after buying an additional 25 shares during the period. Wetherby Asset Management Inc. increased its holdings in Intuit by 0.4% in the 2nd quarter. Wetherby Asset Management Inc. now owns 7,040 shares of the software maker’s stock valued at $935,000 after buying an additional 27 shares during the period. Finally, Bank of Hawaii increased its holdings in Intuit by 1.2% in the 2nd quarter. Bank of Hawaii now owns 2,509 shares of the software maker’s stock valued at $333,000 after buying an additional 30 shares during the period. Hedge funds and other institutional investors own 86.06% of the company’s stock.
Several equities analysts have commented on the stock. Zacks Investment Research lowered shares of Intuit from a “buy” rating to a “hold” rating in a report on Tuesday, October 24th. Oppenheimer Holdings, Inc. raised their target price on shares of Intuit from $146.00 to $159.00 and gave the company an “outperform” rating in a report on Friday, October 27th. First Analysis raised shares of Intuit from an “underweight” rating to an “equal weight” rating and set a $128.00 target price on the stock in a report on Wednesday, August 23rd. William Blair assumed coverage on shares of Intuit in a report on Tuesday, September 19th. They issued an “outperform” rating on the stock. Finally, UBS AG lowered shares of Intuit to an “underperform” rating in a report on Wednesday, September 27th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company. Intuit presently has an average rating of “Hold” and a consensus target price of $143.42.
Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. The business had revenue of $842.00 million during the quarter, compared to analyst estimates of $808.82 million. Intuit had a return on equity of 82.43% and a net margin of 18.76%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 18th. Stockholders of record on Tuesday, October 10th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.03%. The ex-dividend date was Friday, October 6th. This is a positive change from Intuit’s previous quarterly dividend of $0.34. Intuit’s payout ratio is currently 41.94%.
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In other news, EVP Henry Tayloe Stansbury sold 1,783 shares of Intuit stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $144.20, for a total value of $257,108.60. Following the completion of the transaction, the executive vice president now owns 2,675 shares of the company’s stock, valued at approximately $385,735. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Mark J. Flournoy sold 1,868 shares of Intuit stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $142.31, for a total value of $265,835.08. Following the completion of the transaction, the vice president now directly owns 1,713 shares of the company’s stock, valued at approximately $243,777.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,084,194 shares of company stock valued at $151,162,540. 5.70% of the stock is owned by insiders.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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