Earnest Partners LLC reduced its stake in shares of Intuit Inc. (NASDAQ:INTU) by 11.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 264,850 shares of the software maker’s stock after selling 35,005 shares during the period. Earnest Partners LLC’s holdings in Intuit were worth $69,213,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Manchester Financial Inc. bought a new position in shares of Intuit in the second quarter worth $30,000. FNY Investment Advisers LLC bought a new position in shares of Intuit during the second quarter valued at about $30,000. Thor Advisors LLC bought a new position in shares of Intuit during the first quarter valued at about $33,000. Ibex Wealth Advisors bought a new position in shares of Intuit during the second quarter valued at about $48,000. Finally, Motco bought a new position in shares of Intuit during the second quarter valued at about $61,000. 88.16% of the stock is owned by institutional investors.
In other news, Chairman Scott D. Cook sold 133,333 shares of Intuit stock in a transaction on Monday, September 9th. The stock was sold at an average price of $278.53, for a total transaction of $37,137,240.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gregory N. Johnson sold 2,500 shares of Intuit stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $290.74, for a total value of $726,850.00. Following the sale, the executive vice president now owns 11,625 shares of the company’s stock, valued at $3,379,852.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 303,422 shares of company stock valued at $82,506,746. 4.60% of the stock is owned by corporate insiders.
A number of research firms recently weighed in on INTU. Deutsche Bank raised their price target on shares of Intuit from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Oppenheimer raised their target price on shares of Intuit from $269.00 to $289.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Zacks Investment Research lowered shares of Intuit from a “buy” rating to a “hold” rating and set a $268.00 target price for the company. in a report on Wednesday, May 29th. Barclays raised their target price on shares of Intuit from $245.00 to $276.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. Finally, Argus set a $325.00 target price on shares of Intuit and gave the company a “buy” rating in a report on Monday, August 26th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $277.00.
Shares of INTU opened at $268.31 on Friday. The company has a market cap of $69.59 billion, a PE ratio of 48.08, a P/E/G ratio of 2.61 and a beta of 1.10. The business has a fifty day moving average of $278.51 and a 200 day moving average of $262.64. Intuit Inc. has a 52-week low of $182.61 and a 52-week high of $295.77. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.10.
Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.37. The company had revenue of $994.00 million during the quarter, compared to the consensus estimate of $964.02 million. Intuit had a return on equity of 43.86% and a net margin of 22.95%. Intuit’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. As a group, research analysts anticipate that Intuit Inc. will post 6.3 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a $0.53 dividend. The ex-dividend date is Wednesday, October 9th. This is an increase from Intuit’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 0.79%. Intuit’s dividend payout ratio (DPR) is currently 33.69%.
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
Featured Story: How to invest in blue-chip stocks
Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU).
Receive News & Ratings for Intuit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit and related companies with MarketBeat.com's FREE daily email newsletter.