Newfound Research LLC lowered its position in shares of Intuit Inc. (NASDAQ:INTU) by 36.7% in the third quarter, HoldingsChannel reports. The firm owned 126 shares of the software maker’s stock after selling 73 shares during the period. Newfound Research LLC’s holdings in Intuit were worth $68,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. FMR LLC increased its position in Intuit by 18.9% in the 2nd quarter. FMR LLC now owns 8,015,021 shares of the software maker’s stock valued at $3,928,723,000 after acquiring an additional 1,274,405 shares in the last quarter. Macquarie Group Ltd. raised its holdings in Intuit by 1,180.4% during the 2nd quarter. Macquarie Group Ltd. now owns 1,189,256 shares of the software maker’s stock worth $582,938,000 after buying an additional 1,096,374 shares during the period. Liberty Wealth Management LLC raised its holdings in Intuit by 48,992.8% during the 2nd quarter. Liberty Wealth Management LLC now owns 835,068 shares of the software maker’s stock worth $1,704,000 after buying an additional 833,367 shares during the period. Amundi acquired a new stake in Intuit during the 2nd quarter worth approximately $146,557,000. Finally, Lord Abbett & CO. LLC raised its holdings in Intuit by 268.1% during the 2nd quarter. Lord Abbett & CO. LLC now owns 407,091 shares of the software maker’s stock worth $199,544,000 after buying an additional 296,491 shares during the period. Institutional investors and hedge funds own 83.67% of the company’s stock.
In other Intuit news, CAO Mark J. Flournoy sold 389 shares of the stock in a transaction that occurred on Wednesday, September 29th. The stock was sold at an average price of $551.33, for a total transaction of $214,467.37. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP James Alexander Chriss sold 2,022 shares of the stock in a transaction that occurred on Thursday, September 2nd. The stock was sold at an average price of $562.53, for a total value of $1,137,435.66. Following the transaction, the executive vice president now owns 3,234 shares in the company, valued at $1,819,222.02. The disclosure for this sale can be found here. Insiders sold 80,191 shares of company stock valued at $49,736,475 in the last ninety days. 3.38% of the stock is currently owned by insiders.
Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, November 18th. The software maker reported $1.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.56. The firm had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.81 billion. Intuit had a return on equity of 22.39% and a net margin of 20.28%. The business’s quarterly revenue was up 51.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.61 earnings per share. Analysts forecast that Intuit Inc. will post 7.98 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 18th. Stockholders of record on Monday, January 10th will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Friday, January 7th. Intuit’s dividend payout ratio is currently 35.98%.
INTU has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Intuit from a “strong sell” rating to a “hold” rating and set a $633.00 price objective on the stock in a report on Tuesday, October 26th. Morgan Stanley lifted their price objective on shares of Intuit from $615.00 to $715.00 and gave the stock an “overweight” rating in a research report on Monday, November 15th. Mizuho lifted their price objective on shares of Intuit from $640.00 to $730.00 and gave the stock a “buy” rating in a research report on Friday, November 19th. Bank of America lifted their price objective on shares of Intuit from $520.00 to $640.00 and gave the stock a “buy” rating in a research report on Wednesday, August 25th. Finally, Barclays boosted their target price on shares of Intuit from $710.00 to $802.00 and gave the company an “overweight” rating in a research report on Friday, November 19th. Six equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, Intuit presently has an average rating of “Buy” and an average price target of $644.35.
Intuit Company Profile
Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed; Consumer; Credit Karma; and ProConnect. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.
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