ARK Investment Management LLC Has $12.72 Million Stake in Intuit Inc. (NASDAQ:INTU)

Key Points

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ARK Investment Management LLC reduced its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 9.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,711 shares of the software maker's stock after selling 2,240 shares during the period. ARK Investment Management LLC's holdings in Intuit were worth $12,716,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Copia Wealth Management purchased a new stake in Intuit in the 4th quarter worth $25,000. Summit Securities Group LLC purchased a new stake in shares of Intuit in the fourth quarter valued at about $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit during the fourth quarter worth about $28,000. Olde Wealth Management LLC acquired a new stake in shares of Intuit during the first quarter worth about $37,000. Finally, Atlantic Edge Private Wealth Management LLC lifted its position in shares of Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after purchasing an additional 68 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Stock Up 0.8%

Shares of Intuit stock traded up $6.67 during trading on Wednesday, reaching $813.01. The stock had a trading volume of 737,382 shares, compared to its average volume of 1,770,303. 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 fifty day moving average price of $760.66 and a two-hundred day moving average price of $658.48. The company has a market capitalization of $226.79 billion, a price-to-earnings ratio of 65.97, a P/E/G ratio of 3.54 and a beta of 1.27. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $812.92.

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

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio is currently 33.77%.

Analyst Ratings Changes

INTU has been the topic of a number of research reports. Evercore ISI raised their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. CLSA assumed coverage on Intuit in a research report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price target for the company. Stifel Nicolaus lifted their price target on Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Jefferies Financial Group set a $850.00 price target on Intuit and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, The Goldman Sachs Group lifted their price objective on Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research note on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $806.27.

Insider Buying and Selling at Intuit

In related news, Director Richard L. Dalzell sold 333 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $768.43, for a total transaction of $255,887.19. Following the sale, the director owned 15,474 shares of the company's stock, valued at $11,890,685.82. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Alex G. Balazs sold 882 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total value of $689,397.66. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock valued at $209,725,054 over the last ninety days. 2.68% of the stock is owned by corporate insiders.

Intuit 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.