1832 Asset Management L.P. Decreases Stock Position in Intuit Inc. (NASDAQ:INTU)

1832 Asset Management L.P. decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 2.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 35,164 shares of the software maker’s stock after selling 748 shares during the period. 1832 Asset Management L.P.’s holdings in Intuit were worth $23,110,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Aveo Capital Partners LLC acquired a new position in Intuit during the 4th quarter valued at approximately $203,000. 9258 Wealth Management LLC increased its position in shares of Intuit by 29.0% in the 4th quarter. 9258 Wealth Management LLC now owns 650 shares of the software maker’s stock valued at $406,000 after acquiring an additional 146 shares during the period. Gryphon Financial Partners LLC raised its stake in Intuit by 31.6% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,635 shares of the software maker’s stock worth $1,022,000 after acquiring an additional 393 shares during the last quarter. Hilltop Holdings Inc. raised its stake in Intuit by 4.7% in the 4th quarter. Hilltop Holdings Inc. now owns 2,377 shares of the software maker’s stock worth $1,486,000 after acquiring an additional 107 shares during the last quarter. Finally, JARISLOWSKY FRASER Ltd acquired a new stake in Intuit during the 4th quarter worth about $819,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Erste Group Bank reissued a “hold” rating on shares of Intuit in a report on Friday, June 14th. Stifel Nicolaus increased their price target on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Barclays decreased their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Royal Bank of Canada started coverage on shares of Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective on the stock. Finally, Susquehanna reissued a “positive” rating and set a $757.00 target price on shares of Intuit in a report on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $720.37.

Intuit Price Performance

Shares of Intuit stock opened at $641.97 on Tuesday. The firm has a market cap of $179.46 billion, a PE ratio of 59.22, a P/E/G ratio of 3.14 and a beta of 1.24. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $636.49 and a 200 day moving average price of $631.06.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The business’s revenue was up 17.4% compared to the same quarter last year. Sell-side analysts predict that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders 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 yield of 0.65%. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the sale, the insider now owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. Insiders have sold a total of 22,389 shares of company stock valued at $14,231,188 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Intuit Company Profile

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.