Red Spruce Capital LLC Has $1.20 Million Position in Intuit Inc. (NASDAQ:INTU)

Red Spruce Capital LLC lessened its holdings in Intuit Inc. (NASDAQ:INTU) by 4.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,930 shares of the software maker’s stock after selling 93 shares during the period. Red Spruce Capital LLC’s holdings in Intuit were worth $1,199,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Intuit by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after buying an additional 283,291 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Intuit by 173.0% during 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 acquiring an additional 2,336,654 shares in the last quarter. Fisher Asset Management LLC boosted its position in Intuit by 9.5% during the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock valued at $1,946,954,000 after purchasing an additional 270,432 shares during the last quarter. Legal & General Group Plc grew its stake in Intuit by 1.0% in the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock valued at $1,538,236,000 after purchasing an additional 23,995 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after purchasing an additional 238,486 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

Shares of INTU stock traded up $6.86 during trading hours on Friday, hitting $610.67. 1,220,267 shares of the company’s stock were exchanged, compared to its average volume of 1,330,014. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The stock has a market cap of $170.71 billion, a price-to-earnings ratio of 56.33, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24. 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’s 50-day moving average is $632.84 and its 200-day moving average is $629.56.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 earnings per share. As a group, research analysts forecast that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is presently 38.38%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on INTU shares. Royal Bank of Canada assumed coverage on Intuit in a report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target for the company. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Citigroup raised their price target on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. Stifel Nicolaus upped their price objective on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Finally, Jefferies Financial Group increased their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $735.71.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 775 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the transaction, the chief financial officer now owns 4,451 shares in the company, valued at approximately $2,676,430.81. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Scott D. Cook sold 2,461 shares of the stock in a transaction on 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 transaction, the insider now owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the transaction, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,297 shares of company stock worth $32,750,926 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Intuit 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.