Denali Advisors LLC Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

Denali Advisors LLC lowered its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 80.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,670 shares of the software maker's stock after selling 6,803 shares during the period. Denali Advisors LLC's holdings in Intuit were worth $1,025,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in INTU. Vanguard Group Inc. raised its holdings in shares of Intuit by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock valued at $16,991,696,000 after purchasing an additional 353,185 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Intuit by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock worth $3,833,720,000 after acquiring an additional 132,384 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Intuit by 13.3% in the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the last quarter. Norges Bank purchased a new position in Intuit during the 4th quarter worth approximately $2,290,419,000. Finally, Brown Advisory Inc. increased its holdings in Intuit by 7.9% in the 1st quarter. Brown Advisory Inc. now owns 3,444,600 shares of the software maker's stock worth $2,114,950,000 after acquiring an additional 252,265 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Lauren D. Hotz sold 1,738 shares of the business's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $784.09, for a total value of $1,362,748.42. Following the sale, the chief accounting officer directly owned 455 shares in the company, valued at $356,760.95. The trade was a 79.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark P. Notarainni sold 1,147 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total transaction of $887,663.30. Following the completion of the sale, the executive vice president directly owned 19 shares of the company's stock, valued at $14,704.10. The trade was a 98.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock worth $209,725,054 in the last 90 days. Insiders own 2.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. CLSA started 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. Evercore ISI upped their price target on Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Royal Bank Of Canada reiterated an "outperform" rating and set a $850.00 price target (up previously from $760.00) on shares of Intuit in a research note on Friday, May 23rd. HSBC upgraded Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price for the company in a research note on Wednesday, April 23rd. Finally, Piper Sandler reiterated an "overweight" rating and issued a $825.00 price objective (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $800.55.

Intuit Trading Up 0.6%

NASDAQ:INTU traded up $4.94 during trading hours on Wednesday, hitting $771.72. 546,140 shares of the company were exchanged, compared to its average volume of 1,771,990. The stock has a market capitalization of $215.27 billion, a price-to-earnings ratio of 62.64, a price-to-earnings-growth ratio of 3.39 and a beta of 1.27. 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 one year low of $532.65 and a one year high of $790.60. The company has a fifty day simple moving average of $743.99 and a 200 day simple moving average of $650.97.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings results 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 business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the previous year, the business earned $9.88 EPS. The company's quarterly revenue was up 15.1% on a year-over-year basis. Sell-side analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The company 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 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is currently 33.77%.

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.