Cary Street Partners Financial LLC Trims Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• Cary Street Partners Financial LLC reduced its holdings in Intuit Inc. by 8.0%, owning 19,601 shares worth approximately $12 million as of the latest filing.
• Intuit's recent earnings report showed an EPS of $11.65, exceeding expectations, and its revenue increased by 15.1% year-over-year, totaling $7.75 billion.
• The company announced a quarterly dividend of $1.04, equating to a 0.5% dividend yield for investors, with a payout ratio of 33.77%.

Cary Street Partners Financial LLC lowered its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,601 shares of the software maker's stock after selling 1,710 shares during the period. Cary Street Partners Financial LLC's holdings in Intuit were worth $12,035,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Brighton Jones LLC increased its holdings in Intuit by 61.3% in the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock valued at $2,233,000 after buying an additional 1,350 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in Intuit by 145.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock worth $511,000 after purchasing an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Intuit by 14.2% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock valued at $1,252,000 after acquiring an additional 248 shares during the last quarter. World Investment Advisors raised its position in shares of Intuit by 206.8% during the 4th quarter. World Investment Advisors now owns 994 shares of the software maker's stock valued at $625,000 after buying an additional 670 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Intuit by 2.6% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,821 shares of the software maker's stock valued at $1,144,000 after purchasing an additional 46 shares during the last quarter. Institutional investors own 83.66% of the company's stock.

Intuit Stock Down 2.3%

NASDAQ INTU traded down $17.86 during mid-day trading on Thursday, reaching $761.61. 1,435,760 shares of the company's stock traded hands, compared to its average volume of 1,440,471. The company has a fifty day simple moving average of $769.33 and a 200-day simple moving average of $666.28. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70. The company has a market cap of $212.45 billion, a price-to-earnings ratio of 61.82, a P/E/G ratio of 3.00 and a beta of 1.28.

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 analysts' consensus estimates 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 analysts' expectations of $7.56 billion. During the same quarter last year, the firm earned $9.88 earnings per share. The business's revenue for the quarter was up 15.1% on a year-over-year basis. As a group, equities research analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is 33.77%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on INTU shares. JPMorgan Chase & Co. lifted their price objective on shares of Intuit from $660.00 to $770.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. UBS Group set a $750.00 price objective on shares of Intuit and gave the company a "neutral" rating in a research note on Friday, May 23rd. Piper Sandler reiterated an "overweight" rating and set a $825.00 target price (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. Susquehanna reiterated a "positive" rating on shares of Intuit in a research note on Friday, May 23rd. Finally, Scotiabank upgraded shares of Intuit from a "sector perform" rating to a "sector outperform" rating and lifted their price target for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. One 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 given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $806.27.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 16,061 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the transaction, the chief financial officer directly owned 197 shares in the company, valued at $143,047.61. This trade represents a 98.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the transaction, the executive vice president directly owned 23,101 shares in the company, valued at $16,844,325.16. This trade represents a 41.96% decrease in their position. 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 over the last three months. 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.