Fulton Bank N.A. Acquires 254 Shares of Intuit Inc. (NASDAQ:INTU)

Fulton Bank N.A. raised its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 24.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,287 shares of the software maker’s stock after purchasing an additional 254 shares during the quarter. Fulton Bank N.A.’s holdings in Intuit were worth $590,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new stake in shares of Intuit in the 4th quarter worth $1,173,468,000. Moneta Group Investment Advisors LLC grew its stake in shares of Intuit by 118,345.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,088,194 shares of the software maker’s stock worth $812,767,000 after acquiring an additional 2,086,431 shares in the last quarter. Morgan Stanley grew its stake in shares of Intuit by 42.5% in the 4th quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock worth $1,340,830,000 after acquiring an additional 1,027,752 shares in the last quarter. Artisan Partners Limited Partnership grew its position in Intuit by 220.5% during the first quarter. Artisan Partners Limited Partnership now owns 992,218 shares of the software maker’s stock valued at $442,361,000 after buying an additional 682,644 shares during the period. Finally, Capital World Investors grew its position in Intuit by 140.3% during the first quarter. Capital World Investors now owns 859,308 shares of the software maker’s stock valued at $413,190,000 after buying an additional 501,656 shares during the period. Institutional investors own 82.63% of the company’s stock.

Insider Buying and Selling

In related news, EVP Marianna Tessel sold 8,702 shares of the stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $552.63, for a total value of $4,808,986.26. Following the completion of the transaction, the executive vice president now directly owns 32,171 shares of the company’s stock, valued at $17,778,659.73. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Intuit news, CAO Lauren D. Hotz sold 550 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $549.42, for a total value of $302,181.00. Following the sale, the chief accounting officer now owns 2,054 shares in the company, valued at $1,128,508.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Marianna Tessel sold 8,702 shares of the company’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $552.63, for a total transaction of $4,808,986.26. Following the completion of the sale, the executive vice president now owns 32,171 shares in the company, valued at approximately $17,778,659.73. The disclosure for this sale can be found here. Insiders sold a total of 90,927 shares of company stock valued at $44,218,147 over the last three months. Corporate insiders own 3.18% of the company’s stock.

Intuit Stock Performance

Shares of NASDAQ:INTU opened at $538.08 on Friday. The company has a market cap of $150.82 billion, a price-to-earnings ratio of 63.75, a price-to-earnings-growth ratio of 3.29 and a beta of 1.19. The company has a 50-day moving average price of $507.74 and a 200-day moving average price of $458.68. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.35. Intuit Inc. has a 12 month low of $352.63 and a 12 month high of $558.64.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 24th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.22. Intuit had a net margin of 16.59% and a return on equity of 16.61%. The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same period in the prior year, the firm earned $0.22 earnings per share. Intuit’s revenue was up 12.3% on a year-over-year basis. As a group, equities analysts anticipate that Intuit Inc. will post 11.25 EPS for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Monday, October 9th will be paid a $0.90 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.78. This represents a $3.60 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Thursday, October 5th. Intuit’s dividend payout ratio is presently 36.97%.

Wall Street Analyst Weigh In

INTU has been the topic of a number of recent analyst reports. Oppenheimer increased their price target on shares of Intuit from $476.00 to $530.00 and gave the stock an “outperform” rating in a report on Friday, August 25th. Argus increased their price target on shares of Intuit from $580.00 to $640.00 and gave the stock a “buy” rating in a report on Wednesday, September 6th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Intuit from $525.00 to $575.00 and gave the stock a “buy” rating in a report on Friday, August 25th. BMO Capital Markets increased their price target on shares of Intuit from $560.00 to $605.00 and gave the stock an “outperform” rating in a report on Thursday, September 7th. Finally, KeyCorp increased their price target on shares of Intuit from $535.00 to $600.00 and gave the stock an “overweight” rating in a report on Thursday, September 7th. Four research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $551.73.

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.