Connor Clark & Lunn Investment Management Ltd. Sells 25,018 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Intuit Inc. by 26.3%, holding 69,985 shares worth approximately $42.97 million after selling 25,018 shares in the first quarter.
• In recent transactions, insiders sold a total of 279,800 shares valued at over $209 million, with significant sales by executives Laura A. Fennell and Marianna Tessel.
• Intuit's quarterly revenue increased by 15.1% year-over-year, reporting $7.75 billion in revenue and $11.65 EPS, surpassing analyst expectations.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 26.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,985 shares of the software maker's stock after selling 25,018 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Intuit were worth $42,970,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Intuit by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 27,330,309 shares of the software maker's stock valued at $16,780,536,000 after buying an additional 294,993 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Intuit by 7.9% during the 1st quarter. Brown Advisory Inc. now owns 3,444,600 shares of the software maker's stock valued at $2,114,950,000 after buying an additional 252,265 shares in the last quarter. Northern Trust Corp grew its holdings in Intuit by 17.3% during the 4th quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock valued at $2,118,682,000 after purchasing an additional 498,030 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Intuit by 33.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock valued at $1,930,765,000 after purchasing an additional 771,232 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Intuit by 69,701.9% during the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock valued at $17,348,790,000 after purchasing an additional 2,821,534 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Buying and Selling at Intuit

In related news, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total value of $12,176,972.00. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $752.25, for a total value of $19,293,708.00. Following the sale, the executive vice president directly owned 22,796 shares of the company's stock, valued at approximately $17,148,291. The trade was a 52.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 over the last quarter. Corporate insiders own 2.68% of the company's stock.

Intuit Stock Performance

INTU stock traded up $7.39 on Tuesday, reaching $713.48. 2,145,981 shares of the company were exchanged, compared to its average volume of 1,774,260. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $813.70. The stock's fifty day moving average price is $768.10 and its 200 day moving average price is $668.87. The firm has a market capitalization of $199.03 billion, a PE ratio of 57.91, a PEG ratio of 2.89 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results 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. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the previous year, the firm posted $9.88 EPS. The business's revenue for the quarter was up 15.1% on a year-over-year basis. On average, research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

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. The ex-dividend date was Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.6%. Intuit's dividend payout ratio is 33.77%.

Wall Street Analysts Forecast Growth

INTU has been the topic of several analyst reports. Jefferies Financial Group set a $850.00 price target on shares of Intuit and gave the company a "buy" rating in a report on Friday, May 23rd. BMO Capital Markets raised their price target on shares of Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. KeyCorp reissued an "overweight" rating and set a $850.00 target price (up previously from $770.00) on shares of Intuit in a report on Friday, May 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $850.00 price target (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Scotiabank raised shares of Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their target price for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $806.27.

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.