Ballentine Partners LLC lowered its stake in Intuit Inc. (NASDAQ:INTU) by 8.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,124 shares of the software maker’s stock after selling 110 shares during the quarter. Ballentine Partners LLC’s holdings in Intuit were worth $300,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of INTU. West Oak Capital LLC acquired a new stake in Intuit during the 3rd quarter worth $27,000. Manchester Financial Inc. bought a new position in Intuit during the 2nd quarter worth about $30,000. FNY Investment Advisers LLC bought a new position in Intuit during the 2nd quarter worth about $30,000. Cerebellum GP LLC bought a new position in Intuit during the 3rd quarter worth about $32,000. Finally, NewSquare Capital LLC bought a new position in Intuit during the 2nd quarter worth about $42,000. 87.12% of the stock is currently owned by institutional investors.
A number of equities analysts have issued reports on INTU shares. Bank of America increased their target price on Intuit from $264.00 to $303.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Oppenheimer increased their target price on Intuit from $269.00 to $289.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. UBS Group increased their target price on Intuit from $260.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Barclays increased their target price on Intuit from $245.00 to $276.00 and gave the stock an “equal weight” rating in a report on Friday, August 23rd. Finally, Citigroup increased their target price on Intuit from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Intuit currently has an average rating of “Hold” and an average price target of $277.00.
Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.46) by $0.37. The company had revenue of $994.00 million during the quarter, compared to analysts’ expectations of $964.02 million. Intuit had a return on equity of 43.86% and a net margin of 22.95%. Intuit’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. On average, sell-side analysts expect that Intuit Inc. will post 6.3 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were issued a $0.53 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.12 annualized dividend and a dividend yield of 0.84%. Intuit’s dividend payout ratio (DPR) is presently 37.99%.
In other news, CFO Michelle M. Clatterbuck sold 612 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $280.00, for a total value of $171,360.00. Following the completion of the transaction, the chief financial officer now owns 1,492 shares in the company, valued at approximately $417,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark J. Flournoy sold 6,854 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $286.33, for a total value of $1,962,505.82. Following the completion of the transaction, the chief accounting officer now owns 4,541 shares of the company’s stock, valued at approximately $1,300,224.53. The disclosure for this sale can be found here. Insiders sold a total of 285,279 shares of company stock valued at $68,553,645 in the last 90 days. 4.60% of the stock is owned by corporate insiders.
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.
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