Cadence Bank Makes New $1.60 Million Investment in Intuit Inc. (NASDAQ:INTU)

Cadence Bank acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,573 shares of the software maker’s stock, valued at approximately $1,598,000.

A number of other institutional investors have also made changes to their positions in the company. LGT Financial Advisors LLC acquired a new position in shares of Intuit in the 2nd quarter valued at approximately $25,000. Cultivar Capital Inc. acquired a new stake in Intuit in the second quarter valued at $26,000. Fairway Wealth LLC bought a new position in Intuit during the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Intuit in the 3rd quarter worth about $27,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Intuit in the 2nd quarter valued at about $35,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Down 0.4 %

NASDAQ INTU opened at $636.17 on Thursday. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The company has a market capitalization of $178.15 billion, a P/E ratio of 61.76, a PEG ratio of 3.14 and a beta of 1.25. The company’s 50 day simple moving average is $634.52 and its 200 day simple moving average is $631.32. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.14. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 earnings per share. Equities research analysts expect that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 dividend on an annualized basis and a yield of 0.65%. Intuit’s dividend payout ratio is currently 40.39%.

Insiders Place Their Bets

In related news, EVP Kerry J. Mclean sold 11,079 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The trade was a 30.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the completion of the sale, the insider now owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. The trade was a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,265 shares of company stock worth $83,336,625. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the topic of several research reports. Susquehanna reissued a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Bank of America raised their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Oppenheimer increased their target price on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Morgan Stanley boosted their price target on shares of Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a report on Friday, November 22nd. Finally, Stifel Nicolaus dropped their price objective on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average price target of $737.44.

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.