MRA Advisory Group Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

MRA Advisory Group trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 7.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 737 shares of the software maker’s stock after selling 56 shares during the period. MRA Advisory Group’s holdings in Intuit were worth $484,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Intuit during the fourth quarter worth approximately $2,101,848,000. Wellington Management Group LLP increased its holdings in Intuit by 173.0% in the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares during the last quarter. Lone Pine Capital LLC purchased a new stake in shares of Intuit in the 4th quarter valued at $467,852,000. Parnassus Investments LLC lifted its position in shares of Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after purchasing an additional 727,185 shares in the last quarter. Finally, Capital World Investors lifted its holdings in Intuit by 54.7% during the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock worth $735,480,000 after buying an additional 416,099 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Trading Down 1.0 %

Shares of INTU opened at $615.12 on Friday. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.50. The firm has a 50 day simple moving average of $638.42 and a 200-day simple moving average of $632.34. The stock has a market cap of $171.95 billion, a price-to-earnings ratio of 56.75, a price-to-earnings-growth ratio of 3.08 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter last year, the company earned $0.40 earnings per share. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. Equities analysts forecast that Intuit Inc. will post 14.06 EPS for the current fiscal 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 paid a dividend of $1.04 per share. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. Intuit’s dividend payout ratio is presently 38.38%.

Insider Buying and Selling

In other news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction on Monday, June 10th. The stock was sold at an average price of $567.75, for a total value of $42,581,250.00. Following the completion of the sale, the insider now owns 6,626,721 shares of the company’s stock, valued at $3,762,320,847.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Intuit news, insider Scott D. Cook sold 75,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $567.75, for a total transaction of $42,581,250.00. Following the transaction, the insider now owns 6,626,721 shares of the company’s stock, valued at $3,762,320,847.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the sale, the chief financial officer now owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 116,308 shares of company stock worth $67,651,926. 2.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on INTU shares. BMO Capital Markets lifted their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Jefferies Financial Group raised their price objective on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Barclays cut their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $768.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Finally, Erste Group Bank restated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $720.37.

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.