Wallace Advisory Group LLC Reduces Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Wallace Advisory Group LLC reduced its position in Intuit Inc. (NASDAQ:INTU) by 4.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 974 shares of the software maker’s stock after selling 50 shares during the quarter. Wallace Advisory Group LLC’s holdings in Intuit were worth $640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the period. Lone Pine Capital LLC bought a new position in Intuit in the 4th quarter worth approximately $467,852,000. Capital World Investors grew its stake in Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after buying an additional 416,099 shares in the last quarter. SG Americas Securities LLC grew its stake in Intuit by 940.4% in the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock valued at $205,186,000 after buying an additional 285,328 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Intuit by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after acquiring an additional 283,291 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Intuit Trading Down 2.8 %

Shares of INTU stock opened at $619.03 on Monday. The business has a 50-day moving average price of $635.09 and a two-hundred day moving average price of $630.41. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $173.05 billion, a P/E ratio of 57.11, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping 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 company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the company posted $0.40 EPS. Intuit’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities analysts anticipate that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.67%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Barclays reduced their price target on Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. BMO Capital Markets increased their price target on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Finally, Jefferies Financial Group increased their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average target price of $735.71.

Insiders Place Their Bets

In other news, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the transaction, the insider now directly owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction 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 approximately $2,170,682.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The disclosure for this sale can be found here. Insiders sold 52,548 shares of company stock valued at $33,604,124 over the last three months. Insiders own 2.90% of the company’s stock.

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.