Redmond Asset Management LLC cut its stake in Intuit Inc. (NASDAQ:INTU) by 2.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,084 shares of the software maker’s stock after selling 370 shares during the period. Intuit accounts for 1.5% of Redmond Asset Management LLC’s investment portfolio, making the stock its 11th largest holding. Redmond Asset Management LLC’s holdings in Intuit were worth $3,419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in INTU. Janus Henderson Group PLC boosted its holdings in Intuit by 28.7% in the second quarter. Janus Henderson Group PLC now owns 4,752,482 shares of the software maker’s stock valued at $1,241,949,000 after acquiring an additional 1,060,033 shares during the last quarter. FMR LLC boosted its holdings in shares of Intuit by 10.0% during the 1st quarter. FMR LLC now owns 10,219,799 shares of the software maker’s stock worth $2,671,557,000 after buying an additional 930,221 shares in the last quarter. Ellis Investment Partners LLC boosted its holdings in shares of Intuit by 26,041.0% during the 1st quarter. Ellis Investment Partners LLC now owns 901,864 shares of the software maker’s stock worth $901,000 after buying an additional 898,414 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Intuit by 25.7% during the 1st quarter. JPMorgan Chase & Co. now owns 2,037,451 shares of the software maker’s stock worth $532,611,000 after buying an additional 416,794 shares in the last quarter. Finally, Thoroughbred Financial Services LLC boosted its holdings in shares of Intuit by 27,128.6% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 364,319 shares of the software maker’s stock worth $36,432,000 after buying an additional 362,981 shares in the last quarter. Institutional investors and hedge funds own 88.48% of the company’s stock.
INTU has been the topic of a number of research analyst reports. UBS Group increased their price target on Intuit from $245.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, May 24th. Morgan Stanley increased their price target on Intuit from $239.00 to $244.00 and gave the stock an “equal weight” rating in a report on Friday, May 24th. ValuEngine cut Intuit from a “strong-buy” rating to a “buy” rating in a report on Friday, April 26th. Jefferies Financial Group increased their price target on Intuit from $272.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, May 24th. Finally, KeyCorp increased their price target on Intuit from $280.00 to $285.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $254.15.
In other news, Chairman Scott D. Cook sold 133,334 shares of Intuit stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $262.87, for a total value of $35,049,508.58. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Michelle M. Clatterbuck sold 10,628 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $256.27, for a total value of $2,723,637.56. Following the completion of the sale, the chief financial officer now owns 10,628 shares in the company, valued at $2,723,637.56. The disclosure for this sale can be found here. Insiders sold a total of 277,296 shares of company stock worth $72,342,898 over the last ninety days. Insiders own 4.60% of the company’s stock.
Intuit stock traded up $0.66 during trading hours on Thursday, reaching $268.55. The company had a trading volume of 351,237 shares, compared to its average volume of 1,165,925. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.85 and a current ratio of 1.85. The stock has a 50-day simple moving average of $274.58. The stock has a market cap of $70.68 billion, a price-to-earnings ratio of 59.28, a price-to-earnings-growth ratio of 2.74 and a beta of 1.10. Intuit Inc. has a 12-month low of $182.61 and a 12-month high of $284.97.
Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 23rd. The software maker reported $5.55 EPS for the quarter, topping the Zacks’ consensus estimate of $5.12 by $0.43. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.23 billion. Intuit had a return on equity of 52.65% and a net margin of 24.34%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $4.82 EPS. Analysts anticipate that Intuit Inc. will post 5.49 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th were paid a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.88 dividend on an annualized basis and a yield of 0.70%. Intuit’s dividend payout ratio (DPR) is currently 41.50%.
Intuit Company Profile
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
Featured Story: Trading Ex-Dividend
Receive News & Ratings for Intuit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit and related companies with MarketBeat.com's FREE daily email newsletter.