Mesirow Financial Investment Management Inc. Decreases Stock Position in Intuit Inc. (NASDAQ:INTU)

Mesirow Financial Investment Management Inc. lessened its stake in Intuit Inc. (NASDAQ:INTU) by 7.4% in the second quarter, HoldingsChannel reports. The fund owned 1,286 shares of the software maker’s stock after selling 103 shares during the period. Mesirow Financial Investment Management Inc.’s holdings in Intuit were worth $847,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Aveo Capital Partners LLC purchased a new stake in shares of Intuit during the fourth quarter valued at approximately $203,000. 9258 Wealth Management LLC boosted its position in Intuit by 29.0% during the 4th quarter. 9258 Wealth Management LLC now owns 650 shares of the software maker’s stock valued at $406,000 after buying an additional 146 shares during the period. Gryphon Financial Partners LLC grew its holdings in Intuit by 31.6% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,635 shares of the software maker’s stock worth $1,022,000 after acquiring an additional 393 shares during the last quarter. Kingsview Wealth Management LLC increased its position in shares of Intuit by 8.7% in the fourth quarter. Kingsview Wealth Management LLC now owns 1,147 shares of the software maker’s stock valued at $717,000 after acquiring an additional 92 shares during the period. Finally, Great Lakes Advisors LLC raised its stake in shares of Intuit by 61.4% during the fourth quarter. Great Lakes Advisors LLC now owns 2,363 shares of the software maker’s stock valued at $1,477,000 after acquiring an additional 899 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Price Performance

Shares of INTU opened at $646.25 on Tuesday. The firm’s 50-day simple moving average is $636.37 and its two-hundred day simple moving average is $631.44. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The stock has a market cap of $180.66 billion, a PE ratio of 59.62, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 EPS. Analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.64%. The ex-dividend date is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is currently 38.38%.

Wall Street Analysts Forecast Growth

INTU has been the topic of several recent analyst reports. Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Piper Sandler reissued an “overweight” rating and set a $768.00 target price (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Citigroup upped their target price on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. Susquehanna reiterated a “positive” rating and issued a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Finally, KeyCorp upped their price objective on shares of Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at approximately $12,575.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at $15,752,985.01. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the sale, the executive vice president now directly owns 20 shares in the company, valued at $12,575.20. The disclosure for this sale can be found here. Insiders sold a total of 16,940 shares of company stock valued at $10,721,252 in the last quarter. 2.90% of the stock is owned by insiders.

About Intuit

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.