Fmr LLC Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Fmr LLC lessened its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 13.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,871,091 shares of the software maker’s stock after selling 739,484 shares during the quarter. Fmr LLC’s holdings in Intuit were worth $3,024,948,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its position in Intuit by 50.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 397,542 shares of the software maker’s stock valued at $246,872,000 after buying an additional 132,687 shares in the last quarter. Qsemble Capital Management LP acquired a new stake in shares of Intuit in the third quarter worth $3,091,000. Bowie Capital Management LLC raised its holdings in shares of Intuit by 5.8% during the third quarter. Bowie Capital Management LLC now owns 135,972 shares of the software maker’s stock worth $84,439,000 after purchasing an additional 7,453 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in Intuit during the third quarter valued at $2,385,000. Finally, Hancock Whitney Corp boosted its holdings in Intuit by 326.9% in the third quarter. Hancock Whitney Corp now owns 18,767 shares of the software maker’s stock valued at $11,654,000 after purchasing an additional 14,371 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on INTU. Oppenheimer lifted their price objective on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research note on Friday. Scotiabank assumed coverage on Intuit in a research report on Monday, November 18th. They set a “sector perform” rating and a $700.00 price target for the company. Susquehanna restated a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research report on Friday, August 16th. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Stifel Nicolaus decreased their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $737.44.

Intuit Price Performance

Shares of Intuit stock opened at $634.62 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The business has a 50 day simple moving average of $634.58 and a two-hundred day simple moving average of $631.24. The stock has a market capitalization of $177.77 billion, a P/E ratio of 61.61, a PEG ratio of 3.13 and a beta of 1.25. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter last year, the firm posted $1.14 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts predict that Intuit Inc. will post 14.05 EPS for the current fiscal year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 annualized dividend and a yield of 0.66%. Intuit’s dividend payout ratio is presently 40.39%.

Insider Buying and Selling at Intuit

In related news, Director Eve B. Burton sold 2,988 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Laura A. Fennell sold 30,159 shares of Intuit stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the transaction, the executive vice president now directly owns 52,038 shares in the company, valued at $33,427,129.68. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,265 shares of company stock worth $35,200,125. 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.