Alta Capital Management LLC Cuts Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Alta Capital Management LLC lowered its position in shares of Intuit Inc. (NASDAQ:INTU) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,630 shares of the software maker’s stock after selling 1,106 shares during the period. Intuit accounts for approximately 2.9% of Alta Capital Management LLC’s portfolio, making the stock its 13th largest position. Alta Capital Management LLC’s holdings in Intuit were worth $43,980,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of INTU. Copia Wealth Management acquired a new position in shares of Intuit during the fourth quarter worth $25,000. NewSquare Capital LLC grew its stake in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of Intuit during the fourth quarter worth $28,000. Heck Capital Advisors LLC acquired a new position in shares of Intuit during the fourth quarter worth $28,000. Finally, VSM Wealth Advisory LLC acquired a new position in shares of Intuit during the fourth quarter worth $35,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling

In other Intuit news, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the transaction, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. This trade represents a 27.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Scott D. Cook sold 62,816 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $765.99, for a total transaction of $48,116,427.84. Following the completion of the transaction, the insider now directly owns 6,000,679 shares of the company’s stock, valued at approximately $4,596,460,107.21. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 279,321 shares of company stock valued at $207,988,705 over the last ninety days. Corporate insiders own 2.68% of the company’s stock.

Intuit Trading Down 1.3%

NASDAQ INTU opened at $754.83 on Friday. The stock has a market capitalization of $210.56 billion, a P/E ratio of 61.27, a P/E/G ratio of 3.36 and a beta of 1.28. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $773.45. The firm has a 50-day moving average price of $679.41 and a 200 day moving average price of $633.70. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.89 by $0.76. The firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the company posted $9.88 earnings per share. Equities research analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.55%. Intuit’s dividend payout ratio is currently 33.77%.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of analyst reports. BMO Capital Markets reiterated an “outperform” rating and set a $820.00 target price (up previously from $714.00) on shares of Intuit in a research note on Friday, May 23rd. Royal Bank Of Canada restated an “outperform” rating and issued a $850.00 price objective (up previously from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Hsbc Global Res upgraded shares of Intuit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. upped their price objective on shares of Intuit from $660.00 to $770.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. Finally, Oppenheimer restated an “outperform” rating and issued a $742.00 price objective (up previously from $642.00) on shares of Intuit in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $787.95.

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.