Assetmark Inc. Has $37.80 Million Stock Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Assetmark Inc. reduced its stake in Intuit Inc. by 8.2%, holding 61,565 shares worth about $37.8 million after selling 5,528 shares in the first quarter.
• Insider Scott D. Cook sold 72,442 shares of Intuit at an average price of $741.29, totaling $53.7 million, while another executive sold 16,700 shares at $729.16.
• Intuit's latest earnings report showed $11.65 EPS, beating estimates, with a revenue of $7.75 billion for the quarter, representing a 15.1% year-over-year increase.

Assetmark Inc. lowered its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 8.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,565 shares of the software maker's stock after selling 5,528 shares during the period. Assetmark Inc.'s holdings in Intuit were worth $37,800,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Copia Wealth Management acquired a new position in Intuit in the fourth quarter worth $25,000. Summit Securities Group LLC acquired a new position in Intuit in the fourth quarter worth $28,000. Heck Capital Advisors LLC acquired a new position in shares of Intuit during the fourth quarter valued at $28,000. Olde Wealth Management LLC acquired a new stake in Intuit in the first quarter worth about $37,000. Finally, Atlantic Edge Private Wealth Management LLC raised its position in Intuit by 523.1% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Stock Performance

Shares of NASDAQ INTU traded down $0.63 during trading hours on Wednesday, reaching $805.71. The stock had a trading volume of 441,908 shares, compared to its average volume of 1,768,167. The business's fifty day moving average is $760.66 and its two-hundred day moving average is $658.48. 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 company has a market cap of $224.75 billion, a price-to-earnings ratio of 65.37, a PEG ratio of 3.54 and a beta of 1.27. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $807.93.

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, topping the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period in the prior year, the company posted $9.88 earnings per share. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, research analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The business also recently disclosed 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 of this dividend was Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.52%. Intuit's dividend payout ratio is currently 33.77%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on INTU shares. CLSA started coverage on Intuit in a report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 target price on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $850.00 target price (up previously from $760.00) on shares of Intuit in a report on Friday, May 23rd. Jefferies Financial Group set a $850.00 target price on shares of Intuit and gave the stock a "buy" rating in a research report on Friday, May 23rd. Wells Fargo & Company set a $880.00 price objective on shares of Intuit and gave the company an "overweight" rating in a research note on Friday, June 13th. Finally, Stifel Nicolaus lifted their price objective on shares of Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $806.27.

Insider Buying and Selling

In other news, Director Richard L. Dalzell sold 333 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $768.43, for a total value of $255,887.19. Following the completion of the sale, the director directly owned 15,474 shares in the company, valued at approximately $11,890,685.82. This trade 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 this link. Also, CAO Lauren D. Hotz sold 1,738 shares of Intuit stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $784.09, for a total value of $1,362,748.42. Following the completion of the sale, the chief accounting officer owned 455 shares of the company's stock, valued at approximately $356,760.95. The trade was a 79.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 279,800 shares of company stock valued at $209,725,054 in the last 90 days. 2.68% of the stock is owned by corporate insiders.

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.