Alta Capital Management LLC Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Alta Capital Management LLC cut its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,630 shares of the software maker's stock after selling 1,106 shares during the period. Intuit accounts for 2.9% of Alta Capital Management LLC's investment portfolio, making the stock its 13th largest holding. Alta Capital Management LLC's holdings in Intuit were worth $43,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Intuit by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker's stock worth $107,854,000 after buying an additional 3,648 shares in the last quarter. Capitolis Liquid Global Markets LLC bought a new position in shares of Intuit during the 4th quarter worth approximately $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Intuit during the 4th quarter worth approximately $237,244,000. Alberta Investment Management Corp bought a new position in shares of Intuit during the 4th quarter worth approximately $10,757,000. Finally, Aigen Investment Management LP bought a new position in shares of Intuit during the 4th quarter worth approximately $2,958,000. 83.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 72,442 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the sale, the insider now owns 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. This trade represents a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alex G. Balazs sold 1,459 shares of Intuit stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $770.80, for a total value of $1,124,597.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 271,158 shares of company stock worth $202,989,194. Insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on INTU shares. Evercore ISI increased their target price on Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. Piper Sandler reiterated an "overweight" rating and issued a $825.00 target price (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. BMO Capital Markets reiterated an "outperform" rating and issued a $820.00 target price (up from $714.00) on shares of Intuit in a report on Friday, May 23rd. The Goldman Sachs Group increased their target price on Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, Bank of America increased their target price on Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $787.95.

Intuit Stock Performance

Shares of NASDAQ INTU traded up $1.41 during mid-day trading on Monday, reaching $762.55. 1,222,841 shares of the company's stock were exchanged, compared to its average volume of 1,608,519. The firm has a 50-day moving average price of $686.27 and a two-hundred day moving average price of $635.14. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a market capitalization of $212.71 billion, a price-to-earnings ratio of 61.90, a price-to-earnings-growth ratio of 3.39 and a beta of 1.28. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $773.45.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter last year, the company posted $9.88 earnings per share. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. Analysts predict that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

About Intuit

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.