Intuit Inc. (NASDAQ:INTU) Shares Sold by Manchester Global Management UK Ltd

Manchester Global Management UK Ltd cut its position in Intuit Inc. (NASDAQ:INTU) by 35.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,208 shares of the software maker’s stock after selling 15,318 shares during the period. Intuit accounts for 3.3% of Manchester Global Management UK Ltd’s holdings, making the stock its 17th largest position. Manchester Global Management UK Ltd’s holdings in Intuit were worth $18,539,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Intuit by 1.1% in the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after acquiring an additional 283,291 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of 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 acquiring an additional 2,336,654 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after acquiring an additional 270,432 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Intuit by 4.2% in the second quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock worth $925,262,000 after acquiring an additional 56,370 shares during the last quarter. Finally, Parnassus Investments LLC boosted its stake in shares of Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

INTU has been the topic of a number of research analyst reports. Stifel Nicolaus lifted their price target on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Bank of America lifted their price objective on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. JPMorgan Chase & Co. lifted 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, StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Buying and Selling

In related news, 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 transaction 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the transaction, the executive vice president now directly owns 20 shares of the company’s stock, valued at approximately $12,575.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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. Insiders sold 22,389 shares of company stock valued at $14,231,188 in the last three months. 2.90% of the stock is owned by corporate insiders.

Intuit Price Performance

INTU stock opened at $641.97 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a market capitalization 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 12-month low of $473.56 and a 12-month high of $676.62. The business’s fifty day moving average price is $636.49 and its 200 day moving average price is $631.06.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data 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 firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.40 EPS. On average, sell-side analysts anticipate that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.65%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is presently 38.38%.

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.