HM Payson & Co. Acquires 5,166 Shares of Intuit Inc. (NASDAQ:INTU)

HM Payson & Co. boosted its stake in Intuit Inc. (NASDAQ:INTU) by 428.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 6,373 shares of the software maker’s stock after purchasing an additional 5,166 shares during the period. HM Payson & Co.’s holdings in Intuit were worth $1,302,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of INTU. Fort L.P. acquired a new position in shares of Intuit during the second quarter worth about $120,000. Qube Research & Technologies Ltd grew its position in Intuit by 160.1% during the second quarter. Qube Research & Technologies Ltd now owns 606 shares of the software maker’s stock worth $124,000 after buying an additional 373 shares during the period. Sun Life Financial INC grew its position in Intuit by 243.8% during the second quarter. Sun Life Financial INC now owns 660 shares of the software maker’s stock worth $135,000 after buying an additional 468 shares during the period. Resources Investment Advisors Inc. lifted its holdings in shares of Intuit by 158.9% in the first quarter. Resources Investment Advisors Inc. now owns 906 shares of the software maker’s stock valued at $174,000 after purchasing an additional 556 shares in the last quarter. Finally, Cerebellum GP LLC purchased a new stake in shares of Intuit in the second quarter valued at about $176,000. Institutional investors and hedge funds own 87.03% of the company’s stock.

Shares of Intuit stock traded up $11.13 during trading hours on Friday, hitting $211.82. The company’s stock had a trading volume of 2,410,466 shares, compared to its average volume of 1,465,563. The firm has a market capitalization of $58.82 billion, a P/E ratio of 46.76, a PEG ratio of 2.41 and a beta of 1.20. Intuit Inc. has a 1-year low of $144.52 and a 1-year high of $231.84. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.16.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 23rd. The software maker reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.09. The business had revenue of $988.00 million during the quarter, compared to analyst estimates of $952.67 million. Intuit had a net margin of 20.31% and a return on equity of 67.39%. The business’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the business earned $0.20 EPS. On average, research analysts expect that Intuit Inc. will post 5.23 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 18th. Investors of record on Wednesday, October 10th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 0.89%. This is a positive change from Intuit’s previous quarterly dividend of $0.39. The ex-dividend date is Tuesday, October 9th. Intuit’s dividend payout ratio (DPR) is presently 41.50%.

In other news, Chairman Scott D. Cook sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $211.66, for a total value of $21,166,000.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Brad D. Smith sold 254,325 shares of the firm’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $227.66, for a total transaction of $57,899,629.50. Following the completion of the transaction, the chief executive officer now owns 415,445 shares in the company, valued at $94,580,208.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 622,236 shares of company stock valued at $137,883,071. 5.59% of the stock is owned by company insiders.

Several brokerages have issued reports on INTU. BidaskClub downgraded shares of Intuit from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Deutsche Bank assumed coverage on shares of Intuit in a research note on Monday, October 8th. They set a “buy” rating and a $265.00 price objective on the stock. Argus upped their price objective on shares of Intuit from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, October 4th. 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 upped their price objective on shares of Intuit from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, September 28th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $224.29.

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 and internationally. The company's Small Business segment provides small business payroll products and services, including QuickBooks Desktop software products, such as Desktop Pro, Desktop for Mac, Desktop Premier, and Enterprise; QuickBooks Basic Payroll and QuickBooks Enhanced Payroll; QuickBooks Point of Sale solutions; ProAdvisor Program memberships for accounting professionals; and financial supplies.

Further Reading: Risk Tolerance

Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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