Intuit Inc. (NASDAQ:INTU) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lowered its position in shares of Intuit Inc. (NASDAQ:INTU) by 78.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 20,736 shares of the software maker’s stock after selling 75,671 shares during the quarter. Fred Alger Management LLC’s holdings in Intuit were worth $13,628,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in INTU. Fortitude Family Office LLC increased its stake in shares of Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after acquiring an additional 16 shares during the period. WASHINGTON TRUST Co grew its position in Intuit by 10.5% during the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after purchasing an additional 16 shares during the period. Gemmer Asset Management LLC raised its stake in shares of Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after buying an additional 16 shares during the last quarter. Capital Advisors Ltd. LLC raised its stake in shares of Intuit by 2.6% during the 1st quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock valued at $429,000 after buying an additional 17 shares during the last quarter. Finally, Stonebrook Private Inc. lifted its holdings in shares of Intuit by 4.5% in the 1st quarter. Stonebrook Private Inc. now owns 398 shares of the software maker’s stock valued at $259,000 after buying an additional 17 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Down 0.5 %

Shares of NASDAQ:INTU opened at $634.74 on Thursday. The company has a market capitalization of $177.44 billion, a price-to-earnings ratio of 58.56, a PEG ratio of 3.13 and a beta of 1.24. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The business has a 50-day moving average price of $635.93 and a 200 day moving average price of $630.96. 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 (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. Sell-side analysts expect that Intuit Inc. will post 14.07 EPS for the current 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 issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.66%. 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

Several analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research note on Friday, September 20th. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Stifel Nicolaus raised their price target on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Finally, Susquehanna reiterated a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research report on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Intuit has an average rating of “Moderate Buy” and an average target price of $720.37.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the transaction, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,548 shares of company stock valued at $33,604,124. 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.