Asset Dedication LLC Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Asset Dedication LLC cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 5.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,921 shares of the software maker’s stock after selling 282 shares during the quarter. Asset Dedication LLC’s holdings in Intuit were worth $3,234,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INTU. Chris Bulman Inc acquired a new stake in shares of Intuit in the second quarter valued at $988,000. SRS Capital Advisors Inc. raised its position in Intuit by 28.9% in the 2nd quarter. SRS Capital Advisors Inc. now owns 2,380 shares of the software maker’s stock valued at $1,564,000 after purchasing an additional 534 shares in the last quarter. Motiv8 Investments LLC raised its position in Intuit by 4.5% in the 2nd quarter. Motiv8 Investments LLC now owns 1,087 shares of the software maker’s stock valued at $715,000 after purchasing an additional 47 shares in the last quarter. Chicago Capital LLC grew its position in shares of Intuit by 1.1% during the second quarter. Chicago Capital LLC now owns 141,599 shares of the software maker’s stock worth $93,060,000 after buying an additional 1,608 shares in the last quarter. Finally, EFG Asset Management Americas Corp. grew its holdings in Intuit by 42.0% during the 2nd quarter. EFG Asset Management Americas Corp. now owns 12,040 shares of the software maker’s stock worth $7,913,000 after acquiring an additional 3,564 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 27,309 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the completion of the sale, the insider now owns 6,524,412 shares of the company’s stock, valued at approximately $3,870,020,221.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 116,308 shares of company stock valued at $67,651,926. 2.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price target on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. UBS Group increased their price target on shares of Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research note on Monday, May 20th. Wells Fargo & Company boosted their price objective on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. Jefferies Financial Group upped their target price on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, Barclays reduced their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $720.37.

Intuit Trading Down 1.0 %

NASDAQ:INTU opened at $615.12 on Friday. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.50 and a debt-to-equity ratio of 0.30. The stock’s 50 day simple moving average is $638.42 and its 200-day simple moving average is $632.34. The firm has a market cap of $171.95 billion, a P/E ratio of 56.75, a PEG ratio of 3.08 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced 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. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the company posted $0.40 EPS. Intuit’s revenue was up 17.4% compared to the same quarter last year. Equities analysts anticipate that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) 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.