First Long Island Investors LLC Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

First Long Island Investors LLC reduced its position in Intuit Inc. (NASDAQ:INTU) by 18.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 15,304 shares of the software maker’s stock after selling 3,396 shares during the period. First Long Island Investors LLC’s holdings in Intuit were worth $9,504,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INTU. International Assets Investment Management LLC lifted its holdings in shares of Intuit by 68,404.7% during the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after acquiring an additional 483,621 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Intuit by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after purchasing an additional 283,291 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Intuit in the 2nd quarter worth about $184,982,000. Ameriprise Financial Inc. grew its position in Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after purchasing an additional 238,486 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in shares of Intuit by 21.3% in the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after acquiring an additional 169,190 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Intuit

In other news, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This represents a 36.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the transaction, the chief financial officer now owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. This represents a 14.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,297 shares of company stock worth $35,220,046. Company insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Piper Sandler restated an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. Bank of America boosted their price target on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Barclays boosted their price objective on shares of Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a report on Friday. Finally, Susquehanna restated a “positive” rating and set a $757.00 target price on shares of Intuit in a report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $739.24.

Intuit Price Performance

Intuit stock traded down $17.14 during trading hours on Friday, reaching $683.62. 363,719 shares of the stock were exchanged, compared to its average volume of 1,329,268. The company has a market cap of $191.61 billion, a P/E ratio of 65.67, a price-to-earnings-growth ratio of 3.45 and a beta of 1.25. 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 Inc. has a twelve month low of $552.68 and a twelve month high of $714.78. The stock has a 50 day moving average of $631.62 and a two-hundred day moving average of $629.71.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter last year, the business earned $0.40 EPS. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. Equities analysts expect that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were paid a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date was Thursday, October 10th. Intuit’s payout ratio is currently 39.81%.

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.