Intuit Inc. (NASDAQ:INTU) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC trimmed its position in Intuit Inc. (NASDAQ:INTU) by 2.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,401 shares of the software maker’s stock after selling 526 shares during the period. Gabelli Funds LLC’s holdings in Intuit were worth $16,694,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Fernbridge Capital Management LP lifted its position in shares of Intuit by 42.3% in the second quarter. Fernbridge Capital Management LP now owns 118,080 shares of the software maker’s stock valued at $77,603,000 after acquiring an additional 35,110 shares in the last quarter. Frank Rimerman Advisors LLC raised its stake in Intuit by 42,735.7% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 5,997 shares of the software maker’s stock valued at $3,941,000 after purchasing an additional 5,983 shares during the last quarter. Kowal Investment Group LLC purchased a new position in Intuit in the 2nd quarter valued at $248,000. Legacy Financial Advisors Inc. lifted its holdings in Intuit by 2.2% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 1,106 shares of the software maker’s stock valued at $727,000 after purchasing an additional 24 shares in the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in Intuit by 60.9% during the 2nd quarter. Summit Trail Advisors LLC now owns 4,013 shares of the software maker’s stock worth $2,637,000 after purchasing an additional 1,519 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Trading Down 1.4 %

NASDAQ INTU opened at $644.99 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $180.31 billion, a P/E ratio of 59.50, a PEG ratio of 3.14 and a beta of 1.24. The firm’s 50-day moving average is $636.82 and its two-hundred day moving average is $631.11. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the prior year, the business posted $0.40 EPS. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

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

Analyst Ratings Changes

Several research firms have recently weighed in on INTU. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Bank of America raised their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Citigroup boosted their target price on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Royal Bank of Canada started coverage on Intuit in a report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price target for the company. Finally, Piper Sandler reissued 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. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $720.37.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated 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 directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at $664,020. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Sandeep Aujla sold 1,061 shares of the business’s 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 transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,389 shares of company stock valued at $14,231,188. Corporate insiders own 2.90% of the company’s stock.

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.