Ensign Peak Advisors Inc Trims Holdings in Intuit Inc. (NASDAQ:INTU)

Ensign Peak Advisors Inc lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 32.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,209 shares of the software maker’s stock after selling 57,472 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Intuit were worth $77,031,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP grew its stake in Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares in the last quarter. Lone Pine Capital LLC acquired a new position in shares of Intuit in the 4th quarter worth approximately $467,852,000. Parnassus Investments LLC increased its holdings in shares of Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after acquiring an additional 727,185 shares during the last quarter. Capital World Investors raised its position in shares of Intuit by 54.7% during the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after acquiring an additional 416,099 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Intuit by 940.4% during the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock valued at $205,186,000 after acquiring an additional 285,328 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on INTU shares. Susquehanna reiterated a “positive” rating and set a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Citigroup boosted their price objective on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Jefferies Financial Group raised their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a report on Friday, June 14th. Finally, Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $720.37.

Intuit Stock Down 1.4 %

INTU stock opened at $644.99 on Friday. The firm’s 50-day moving average is $636.82 and its two-hundred day moving average is $631.24. The company has a market capitalization of $180.31 billion, a price-to-earnings ratio of 59.50, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the business posted $0.40 earnings per share. On average, analysts forecast that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.64%. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s dividend payout ratio is currently 38.38%.

Insider Activity at Intuit

In other Intuit news, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Intuit news, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the sale, the executive vice president now directly 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 sold 22,389 shares of company stock worth $14,231,188 in the last quarter. 2.90% of the stock is owned by company insiders.

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.