1832 Asset Management L.P. Reduces Stake in Intuit Inc. (NASDAQ:INTU)

1832 Asset Management L.P. cut its position in shares of Intuit Inc. (NASDAQ:INTU) by 2.1% during the second quarter, Holdings Channel.com reports. The firm owned 35,164 shares of the software maker’s stock after selling 748 shares during the quarter. 1832 Asset Management L.P.’s holdings in Intuit were worth $23,110,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. LGT Financial Advisors LLC acquired a new stake in Intuit during the second quarter worth $25,000. Cultivar Capital Inc. purchased a new position in Intuit during the second quarter worth about $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit during the second quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Intuit in the 2nd quarter valued at approximately $35,000. Finally, Trifecta Capital Advisors LLC lifted its holdings in shares of Intuit by 145.8% in the 2nd quarter. Trifecta Capital Advisors LLC now owns 59 shares of the software maker’s stock worth $39,000 after acquiring an additional 35 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Performance

NASDAQ:INTU opened at $641.97 on Tuesday. Intuit Inc. has a 12 month low of $473.56 and a 12 month 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 1.29. The firm has a market capitalization of $179.46 billion, a PE ratio of 59.22, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The business’s fifty day moving average price is $636.49 and its 200 day moving average price is $631.06.

Intuit (NASDAQ:INTU) last released 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. The business 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 business’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.40 EPS. On average, sell-side analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase 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 subject of several research reports. Bank of America lifted their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Citigroup lifted their price objective on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Piper Sandler reissued an “overweight” rating and set a $768.00 target price (up previously from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Stifel Nicolaus raised their target price on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, Royal Bank of Canada assumed coverage on shares of Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Activity

In related news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of 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 SEC, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,389 shares of company stock worth $14,231,188. Corporate insiders own 2.90% of the company’s stock.

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.