Ninety One SA PTY Ltd Lowers Stock Position in Intuit Inc. (NASDAQ:INTU)

Ninety One SA PTY Ltd cut its position in shares of Intuit Inc. (NASDAQ:INTU) by 1.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,986 shares of the software maker’s stock after selling 76 shares during the period. Ninety One SA PTY Ltd’s holdings in Intuit were worth $2,447,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Copia Wealth Management purchased a new stake in Intuit during the fourth quarter worth $25,000. Summit Securities Group LLC purchased a new stake in Intuit during the fourth quarter worth $28,000. Heck Capital Advisors LLC purchased a new stake in Intuit during the fourth quarter worth $28,000. VSM Wealth Advisory LLC purchased a new position in Intuit during the fourth quarter valued at $35,000. Finally, Olde Wealth Management LLC purchased a new position in Intuit during the first quarter valued at $37,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Price Performance

Intuit stock opened at $783.61 on Tuesday. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $790.60. The stock has a market cap of $218.59 billion, a P/E ratio of 63.60, a PEG ratio of 3.47 and a beta of 1.27. The company has a 50-day moving average price of $722.21 and a 200 day moving average price of $643.41. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same period last year, the business earned $9.88 earnings per share. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. Sell-side analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit’s dividend payout ratio is presently 33.77%.

Analysts Set New Price Targets

Several equities analysts have issued reports on INTU shares. Scotiabank raised shares of Intuit from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $600.00 to $700.00 in a report on Thursday, April 17th. Wall Street Zen raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Tuesday, April 29th. Hsbc Global Res raised shares of Intuit from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 23rd. Evercore ISI increased their price objective on shares of Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a report on Friday, May 23rd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $820.00 price objective (up from $714.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $798.27.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 1,618 shares of Intuit stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $773.90, for a total transaction of $1,252,170.20. Following the completion of the sale, the chief financial officer directly owned 768 shares of the company’s stock, valued at approximately $594,355.20. The trade was a 67.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alex G. Balazs sold 1,459 shares of the firm’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $770.80, for a total value of $1,124,597.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 275,661 shares of company stock valued at $206,491,776. 2.68% 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.