Sienna Gestion Decreases Position in Intuit Inc. (NASDAQ:INTU)

Sienna Gestion lowered its stake in Intuit Inc. (NASDAQ:INTU) by 22.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,685 shares of the software maker’s stock after selling 5,024 shares during the quarter. Intuit comprises 1.0% of Sienna Gestion’s portfolio, making the stock its 21st largest position. Sienna Gestion’s holdings in Intuit were worth $11,617,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. LGT Financial Advisors LLC acquired a new position in Intuit in the 2nd quarter worth $25,000. Cultivar Capital Inc. acquired a new position in shares of Intuit in the second quarter worth about $26,000. Fairway Wealth LLC purchased a new position in Intuit in the second quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in Intuit during the 2nd quarter valued at approximately $35,000. Finally, Sachetta LLC purchased a new stake in Intuit during the 4th quarter worth approximately $39,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kerry J. Mclean sold 11,079 shares of the 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 completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $15,752,985.01. The disclosure for this sale can be found here. Insiders have sold 16,940 shares of company stock valued at $10,721,252 in the last quarter. Corporate insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

INTU has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. BMO Capital Markets lifted their price target on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Piper Sandler restated an “overweight” rating and set a $768.00 price objective (up previously from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Finally, Citigroup lifted their target price on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Intuit has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Intuit Stock Down 1.8 %

Intuit stock opened at $633.07 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. The company has a 50-day simple moving average of $636.26 and a 200-day simple moving average of $631.30. The firm has a market capitalization of $176.97 billion, a P/E ratio of 58.40, a P/E/G ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the business posted $0.40 EPS. Intuit’s revenue was up 17.4% on a year-over-year basis. As a group, equities analysts expect that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.66%. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

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.