Novare Capital Management LLC cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 38.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,159 shares of the software maker’s stock after selling 8,247 shares during the quarter. Novare Capital Management LLC’s holdings in Intuit were worth $1,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Comgest Global Investors S.A.S. boosted its holdings in Intuit by 2.4% during the 2nd quarter. Comgest Global Investors S.A.S. now owns 439,976 shares of the software maker’s stock valued at $58,433,000 after acquiring an additional 10,400 shares during the period. Oakbrook Investments LLC boosted its holdings in Intuit by 118.1% during the 3rd quarter. Oakbrook Investments LLC now owns 21,425 shares of the software maker’s stock valued at $3,045,000 after acquiring an additional 11,600 shares during the period. Schroder Investment Management Group boosted its holdings in Intuit by 218.4% during the 2nd quarter. Schroder Investment Management Group now owns 229,027 shares of the software maker’s stock valued at $30,483,000 after acquiring an additional 157,101 shares during the period. Asset Advisors Corp boosted its holdings in Intuit by 2.5% during the 3rd quarter. Asset Advisors Corp now owns 92,565 shares of the software maker’s stock valued at $13,157,000 after acquiring an additional 2,300 shares during the period. Finally, State Treasurer State of Michigan lifted its holdings in Intuit by 0.3% in the 2nd quarter. State Treasurer State of Michigan now owns 79,984 shares of the software maker’s stock worth $10,623,000 after buying an additional 200 shares during the period. Institutional investors own 86.10% of the company’s stock.
Intuit Inc. (INTU) traded up $1.79 during mid-day trading on Friday, hitting $155.65. The stock had a trading volume of 1,143,700 shares, compared to its average volume of 1,475,065. The stock has a market cap of $39,230.22, a P/E ratio of 40.81, a P/E/G ratio of 2.71 and a beta of 1.18. Intuit Inc. has a 52-week low of $110.22 and a 52-week high of $156.46. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.32.
Intuit (NASDAQ:INTU) last released its quarterly earnings results on Tuesday, August 22nd. The software maker reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.03. The firm had revenue of $842.00 million for the quarter, compared to the consensus estimate of $808.82 million. Intuit had a return on equity of 82.43% and a net margin of 18.76%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period last year, the business posted $0.08 EPS. sell-side analysts expect that Intuit Inc. will post 4.03 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 18th. Investors of record on Tuesday, October 10th were given a dividend of $0.39 per share. The ex-dividend date was Friday, October 6th. This is an increase from Intuit’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.00%. Intuit’s payout ratio is 41.94%.
INTU has been the subject of several research analyst reports. Argus initiated coverage on Intuit in a report on Wednesday, September 20th. They issued a “buy” rating and a $165.00 price objective for the company. Moffett Nathanson initiated coverage on Intuit in a report on Thursday, September 7th. They issued a “buy” rating and a $150.00 price objective for the company. Zacks Investment Research upgraded Intuit from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a report on Monday, August 28th. Jefferies Group LLC initiated coverage on Intuit in a report on Thursday, August 24th. They issued a “buy” rating and a $157.00 price objective for the company. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $145.00 price objective on shares of Intuit in a report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company’s stock. Intuit presently has an average rating of “Buy” and an average target price of $147.16.
In related news, EVP Henry Tayloe Stansbury sold 28,048 shares of Intuit stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $146.19, for a total transaction of $4,100,337.12. Following the transaction, the executive vice president now directly owns 28,940 shares in the company, valued at $4,230,738.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO R Neil Williams sold 184,585 shares of Intuit stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $141.11, for a total value of $26,046,789.35. Following the transaction, the chief financial officer now owns 64,620 shares in the company, valued at $9,118,528.20. The disclosure for this sale can be found here. Insiders have sold 1,084,194 shares of company stock worth $151,162,540 over the last quarter. 5.70% of the stock is owned by company insiders.
Intuit Company Profile
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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