Bank of Nova Scotia Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Bank of Nova Scotia boosted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 10.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,384 shares of the software maker’s stock after buying an additional 5,005 shares during the quarter. Bank of Nova Scotia’s holdings in Intuit were worth $40,051,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of INTU. Janus Henderson Group PLC increased its holdings in Intuit by 28.7% during the second quarter. Janus Henderson Group PLC now owns 4,752,482 shares of the software maker’s stock valued at $1,241,949,000 after buying an additional 1,060,033 shares during the period. FMR LLC increased its holdings in Intuit by 10.0% during the first quarter. FMR LLC now owns 10,219,799 shares of the software maker’s stock valued at $2,671,557,000 after buying an additional 930,221 shares during the period. JPMorgan Chase & Co. increased its holdings in Intuit by 38.0% during the second quarter. JPMorgan Chase & Co. now owns 2,812,304 shares of the software maker’s stock valued at $725,545,000 after buying an additional 774,853 shares during the period. Prudential Financial Inc. increased its holdings in Intuit by 59.4% during the second quarter. Prudential Financial Inc. now owns 1,081,217 shares of the software maker’s stock valued at $282,554,000 after buying an additional 403,106 shares during the period. Finally, Thoroughbred Financial Services LLC increased its holdings in Intuit by 27,128.6% during the second quarter. Thoroughbred Financial Services LLC now owns 364,319 shares of the software maker’s stock valued at $36,432,000 after buying an additional 362,981 shares during the period. 88.16% of the stock is currently owned by institutional investors.

In other news, Chairman Scott D. Cook sold 133,334 shares of Intuit stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $262.87, for a total transaction of $35,049,508.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kerry J. Mclean sold 20,543 shares of Intuit stock in a transaction on Monday, August 26th. The stock was sold at an average price of $277.05, for a total transaction of $5,691,438.15. Following the sale, the senior vice president now owns 25,170 shares of the company’s stock, valued at $6,973,348.50. The disclosure for this sale can be found here. Insiders have sold 303,422 shares of company stock valued at $82,506,746 over the last quarter. Insiders own 4.60% of the company’s stock.

Shares of INTU opened at $266.13 on Thursday. The company has a market cap of $71.75 billion, a price-to-earnings ratio of 47.69, a price-to-earnings-growth ratio of 2.69 and a beta of 1.10. Intuit Inc. has a twelve month low of $182.61 and a twelve month high of $295.77. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average of $278.51 and a two-hundred day moving average of $262.64.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.46) by $0.37. The company had revenue of $994.00 million during the quarter, compared to the consensus estimate of $964.02 million. Intuit had a net margin of 22.95% and a return on equity of 43.86%. Intuit’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.32 earnings per share. On average, sell-side analysts expect that Intuit Inc. will post 6.3 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.80%. This is an increase from Intuit’s previous quarterly dividend of $0.47. The ex-dividend date is Wednesday, October 9th. Intuit’s dividend payout ratio (DPR) is 33.69%.

Several equities analysts recently issued reports on INTU shares. KeyCorp lifted their price objective on shares of Intuit from $300.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Citigroup lifted their price objective on shares of Intuit from $250.00 to $285.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Bank of America lifted their price objective on shares of Intuit from $264.00 to $303.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Oppenheimer lifted their price objective on shares of Intuit from $269.00 to $289.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Finally, Argus set a $325.00 price objective on shares of Intuit and gave the company a “buy” rating in a report on Monday, August 26th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the stock. Intuit currently has a consensus rating of “Hold” and a consensus price target of $277.00.

Intuit Profile

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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