Kayne Anderson Rudnick Investment Management LLC Lowers Stock Position in Intuit Inc. (NASDAQ:INTU)

Kayne Anderson Rudnick Investment Management LLC cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 3.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,499 shares of the software maker’s stock after selling 1,780 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Intuit were worth $28,588,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in INTU. LGT Financial Advisors LLC purchased a new stake in Intuit in the second quarter valued at approximately $25,000. Cultivar Capital Inc. purchased a new stake in shares of Intuit in the 2nd quarter valued at $26,000. Fairway Wealth LLC purchased a new stake in shares of Intuit in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new position in Intuit during the 2nd quarter worth about $35,000. Finally, J.Safra Asset Management Corp purchased a new position in Intuit during the 2nd quarter valued at about $39,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Price Performance

Shares of NASDAQ INTU opened at $644.99 on Friday. 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 fifty-two week low of $473.56 and a fifty-two week high of $676.62. The firm has a market capitalization of $180.31 billion, a PE ratio of 59.50, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The stock’s 50-day simple moving average is $636.82 and its 200-day simple moving average is $631.24.

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

Intuit Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.64%. Intuit’s payout ratio is 38.38%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on INTU shares. Royal Bank of Canada started coverage on shares of Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Jefferies Financial Group upped their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Bank of America raised their price target on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. upped their price objective on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $768.00 target price (up from $760.00) on shares of Intuit in a report on Friday, August 23rd. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the transaction, the insider now directly owns 6,453,105 shares in the company, valued at $4,111,853,974.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,389 shares of company stock worth $14,231,188. 2.90% of the stock is owned by 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.