Intuit Inc. (NASDAQ:INTU) Shares Sold by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co cut its stake in Intuit Inc. (NASDAQ:INTU) by 7.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,333 shares of the software maker’s stock after selling 4,642 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Intuit were worth $35,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. LGT Financial Advisors LLC purchased a new position in shares of Intuit during the 2nd quarter worth $25,000. Cultivar Capital Inc. purchased a new position in Intuit during the second quarter worth about $26,000. West Branch Capital LLC raised its stake in Intuit by 79.2% during the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock worth $28,000 after purchasing an additional 19 shares during the period. Hobbs Group Advisors LLC acquired a new position in Intuit in the 2nd quarter valued at about $35,000. Finally, J.Safra Asset Management Corp purchased a new stake in shares of Intuit in the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Down 1.0 %

NASDAQ INTU traded down $6.36 during trading on Friday, reaching $615.12. 999,734 shares of the company’s stock were exchanged, compared to its average volume of 1,330,498. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.50 and a current ratio of 1.29. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62. The stock has a market cap of $171.95 billion, a P/E ratio of 56.75, a price-to-earnings-growth ratio of 3.08 and a beta of 1.24. The company has a 50 day moving average price of $638.42 and a two-hundred day moving average price of $632.34.

Intuit (NASDAQ:INTU) last issued its earnings results 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 business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the prior year, the business posted $0.40 EPS. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. On average, equities research analysts anticipate that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

Analysts Set New Price Targets

A number of research analysts recently commented on INTU shares. Barclays decreased their price objective on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. UBS Group upped their target price on shares of Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research report on Monday, May 20th. Finally, Royal Bank of Canada began coverage on shares of Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target for the company. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Intuit has an average rating of “Moderate Buy” and an average target price of $720.37.

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