King Luther Capital Management Corp Has $48.51 Million Stock Holdings in Intuit Inc. (NASDAQ:INTU)

King Luther Capital Management Corp reduced its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 0.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,808 shares of the software maker’s stock after selling 264 shares during the quarter. King Luther Capital Management Corp’s holdings in Intuit were worth $48,507,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. LGT Financial Advisors LLC bought a new position in Intuit during the 2nd quarter valued at $25,000. Cultivar Capital Inc. purchased a new stake in shares of Intuit in the second quarter valued at about $26,000. Fairway Wealth LLC purchased a new stake in shares of Intuit in the second quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Intuit in the second quarter valued at about $35,000. Finally, Trifecta Capital Advisors LLC raised its holdings in shares of Intuit by 145.8% in the second quarter. Trifecta Capital Advisors LLC now owns 59 shares of the software maker’s stock valued at $39,000 after purchasing an additional 35 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Price Performance

INTU stock opened at $654.24 on Friday. The firm has a 50 day moving average of $636.76 and a 200-day moving average of $631.46. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The firm has a market capitalization of $182.89 billion, a P/E ratio of 60.35, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced 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 analyst estimates of $3.08 billion. During the same period in the previous year, the business posted $0.40 earnings per share. Intuit’s revenue for the quarter was up 17.4% on a year-over-year basis. As a group, sell-side analysts predict that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

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

Insider Buying and Selling at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at $2,170,682.91. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at $664,020. The disclosure for this sale can be found here. Insiders sold a total of 22,389 shares of company stock worth $14,231,188 over the last three months. 2.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on INTU shares. Piper Sandler reiterated an “overweight” rating and issued a $768.00 target price (up previously from $760.00) on shares of Intuit in a report on Friday, August 23rd. Citigroup increased their target price on shares of 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 target price on shares of Intuit in a report on Friday, August 16th. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Finally, Bank of America raised their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $720.37.

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.