Federated Hermes Inc. Trims Stake in Intuit Inc. (NASDAQ:INTU)

Key Points

• Federated Hermes Inc. reduced its stake in Intuit Inc. by 8.5% during the first quarter, now holding 39,673 shares valued at approximately $24.36 million.
• Insider activity showed significant sales, with EVP Kerry J. Mclean selling 16,700 shares and Scott D. Cook selling 72,442 shares within the last week, totaling over $65 million in transactions.
• Intuit recently reported an Earnings Per Share (EPS) of $11.65, exceeding analysts' expectations, and announced a quarterly dividend of $1.04 per share with a 0.5% dividend yield.

Federated Hermes Inc. cut its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 8.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,673 shares of the software maker's stock after selling 3,667 shares during the period. Federated Hermes Inc.'s holdings in Intuit were worth $24,359,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of INTU. 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. Northern Trust Corp boosted its position in shares of Intuit by 17.3% in the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock worth $2,118,682,000 after purchasing an additional 498,030 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Intuit by 33.5% in the fourth 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 worth $1,930,765,000 after purchasing an additional 771,232 shares during the period. GAMMA Investing LLC increased its stake in shares of Intuit by 69,701.9% in the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock worth $17,348,790,000 after purchasing an additional 2,821,534 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of Intuit by 1.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,804,476 shares of the software maker's stock valued at $1,134,114,000 after purchasing an additional 33,265 shares during the period. Institutional investors own 83.66% of the company's stock.

Insider Activity

In other news, EVP Kerry J. Mclean sold 16,700 shares of the company's stock in a transaction that occurred on 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 owned 23,101 shares of the company's stock, valued at approximately $16,844,325.16. This represents a 41.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider owned 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. The trade was a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 in the last 90 days. Company insiders own 2.68% of the company's stock.

Intuit Trading Down 2.8%

Shares of NASDAQ INTU opened at $785.13 on Friday. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70. 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 business's 50 day moving average is $765.98 and its two-hundred day moving average is $660.69. The stock has a market capitalization of $219.01 billion, a P/E ratio of 63.73, a PEG ratio of 3.58 and a beta of 1.27.

Intuit (NASDAQ:INTU - Get Free Report) last announced its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping 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 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. As a group, research analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors 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 dividend on an annualized basis and a dividend yield of 0.5%. Intuit's payout ratio is currently 33.77%.

Wall Street Analyst Weigh In

INTU has been the topic of a number of analyst reports. BMO Capital Markets lifted their target price on shares of Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Stifel Nicolaus boosted their price objective on Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Royal Bank Of Canada reiterated an "outperform" rating and set a $850.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. JPMorgan Chase & Co. lifted their target price on Intuit from $660.00 to $770.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Finally, Wells Fargo & Company set a $880.00 price target on Intuit and gave the stock an "overweight" rating in a report on Friday, June 13th. One 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $806.27.

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.

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