AMF Tjanstepension AB Cuts Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• AMF Tjanstepension AB reduced its stake in Intuit Inc. by 38.1% in Q1, selling 13,018 shares for a total holding of 21,166 shares worth approximately $13 million.
• Several institutional investors made significant adjustments to their holdings in Intuit, with GAMMA Investing LLC increasing its shares by 69,701.9% during the same period.
• Intuit's recent earnings report exceeded expectations, reporting $11.65 EPS and revenue of $7.75 billion, representing a 15.1% year-over-year increase.

AMF Tjanstepension AB trimmed its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 38.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,166 shares of the software maker's stock after selling 13,018 shares during the period. AMF Tjanstepension AB's holdings in Intuit were worth $13,001,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Legacy Investment Solutions LLC boosted its stake in Intuit by 18.0% during the 4th quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after purchasing an additional 18 shares during the last quarter. Financial Management Professionals Inc. boosted its stake in Intuit by 18.4% during the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock worth $71,000 after purchasing an additional 18 shares during the last quarter. Chris Bulman Inc boosted its stake in Intuit by 1.2% during the 1st quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after purchasing an additional 18 shares during the last quarter. Kolinsky Wealth Management LLC boosted its stake in Intuit by 1.6% during the 4th quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock worth $749,000 after purchasing an additional 19 shares during the last quarter. Finally, Norden Group LLC boosted its stake in Intuit by 1.2% during the 1st quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock worth $1,021,000 after purchasing an additional 19 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Intuit Trading Down 1.7%

NASDAQ INTU traded down $12.61 during trading hours on Friday, reaching $749.00. The company had a trading volume of 1,670,219 shares, compared to its average volume of 1,423,083. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $208.93 billion, a P/E ratio of 60.80, a price-to-earnings-growth ratio of 2.89 and a beta of 1.28. The stock has a 50-day moving average of $769.27 and a 200 day moving average of $667.63. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.88 earnings per share. As a group, research analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were paid a dividend of $1.04 per share. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.6%. Intuit's dividend payout ratio is 33.77%.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 2,591 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total transaction of $2,026,732.02. Following the sale, the chief financial officer directly owned 768 shares in the company, valued at $600,744.96. This represents a 77.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alex G. Balazs sold 882 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total transaction of $689,397.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INTU. Oppenheimer lifted their target price on shares of Intuit from $742.00 to $868.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. The Goldman Sachs Group boosted their price target on shares of Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Susquehanna reissued a "positive" rating on shares of Intuit in a research report on Friday, May 23rd. HSBC raised shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target on the stock in a research report on Wednesday, April 23rd. Finally, UBS Group set a $750.00 price target on shares of Intuit and gave the company a "neutral" rating in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Intuit currently has an average rating of "Moderate Buy" and a consensus target price of $806.27.

Intuit Company 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.