First Trust Advisors LP Decreases Stake in Intuit Inc. (INTU)
First Trust Advisors LP lowered its stake in Intuit Inc. (NASDAQ:INTU) by 12.9% during the second quarter, Holdings Channel reports. The institutional investor owned 628,698 shares of the software maker’s stock after selling 92,996 shares during the period. First Trust Advisors LP’s holdings in Intuit were worth $83,497,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of INTU. Guardian Life Insurance Co. of America increased its position in Intuit by 0.5% in the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock valued at $109,000 after buying an additional 5 shares in the last quarter. Shine Investment Advisory Services Inc. purchased a new position in Intuit during the second quarter valued at about $123,000. Johnson Financial Group Inc. increased its position in Intuit by 5.8% in the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock valued at $126,000 after buying an additional 59 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new position in Intuit during the first quarter valued at about $205,000. Finally, Lincoln National Corp purchased a new position in Intuit during the first quarter valued at about $205,000. 85.57% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Intuit Inc. (NASDAQ INTU) opened at 135.16 on Friday. The company has a 50 day moving average of $135.14 and a 200-day moving average of $127.61. The company has a market cap of $34.63 billion, a PE ratio of 38.84 and a beta of 1.15. Intuit Inc. has a 52-week low of $103.22 and a 52-week high of $143.81.
Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Tuesday, May 23rd. The software maker reported $3.90 earnings per share for the quarter, beating the consensus estimate of $3.87 by $0.03. Intuit had a net margin of 17.82% and a return on equity of 80.88%. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the business earned $3.43 earnings per share. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. Analysts forecast that Intuit Inc. will post $4.39 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 18th. Stockholders of record on Monday, July 10th were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, July 6th. This represents a $1.36 annualized dividend and a dividend yield of 1.01%. Intuit’s dividend payout ratio is currently 39.19%.
Several research analysts have issued reports on INTU shares. Benchmark Co. started coverage on Intuit in a report on Thursday, April 27th. They set a “buy” rating and a $140.00 price objective on the stock. Citigroup Inc. upped their price objective on Intuit from $128.00 to $148.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. Bank of America Corporation upped their price objective on Intuit from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. Deutsche Bank AG upped their price objective on Intuit from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. Finally, Zacks Investment Research raised Intuit from a “sell” rating to a “buy” rating and set a $155.00 price objective on the stock in a report on Monday, May 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $135.63.
In other news, Director Dennis D. Powell sold 16,686 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $136.82, for a total transaction of $2,282,978.52. Following the transaction, the director now owns 4,554 shares in the company, valued at $623,078.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Henry Tayloe Stansbury sold 1,871 shares of the company’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $135.29, for a total transaction of $253,127.59. The disclosure for this sale can be found here. Insiders have sold 151,265 shares of company stock worth $21,085,104 in the last quarter. Company insiders own 5.70% of the company’s stock.
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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