Geneva Capital Management LLC Reduces Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• Geneva Capital Management LLC reduced its stake in Intuit Inc. by 2.3% during the first quarter, now holding shares valued at $21.2 million.
• Recent transactions by Intuit executives saw significant insider selling, with EVP Laura A. Fennell and EVP Marianna Tessel selling a combined total of over $45 million in shares.
• Intuit's stock has received multiple price target increases from analysts, with Goldman Sachs raising it to $860 and Oppenheimer to $868, indicating strong market optimism.

Geneva Capital Management LLC lowered its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,533 shares of the software maker's stock after selling 802 shares during the quarter. Geneva Capital Management LLC's holdings in Intuit were worth $21,203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Clearstead Trust LLC increased its position in shares of Intuit by 20.0% during the first quarter. Clearstead Trust LLC now owns 846 shares of the software maker's stock valued at $520,000 after buying an additional 141 shares during the period. Earned Wealth Advisors LLC purchased a new stake in Intuit in the first quarter worth about $260,000. Raiffeisen Bank International AG grew its holdings in Intuit by 20.8% in the first quarter. Raiffeisen Bank International AG now owns 15,212 shares of the software maker's stock worth $9,111,000 after purchasing an additional 2,615 shares during the period. Manchester Capital Management LLC grew its holdings in Intuit by 17.4% in the first quarter. Manchester Capital Management LLC now owns 613 shares of the software maker's stock worth $377,000 after purchasing an additional 91 shares during the period. Finally, CCLA Investment Management grew its holdings in Intuit by 2.0% in the first quarter. CCLA Investment Management now owns 206,633 shares of the software maker's stock worth $126,827,000 after purchasing an additional 3,995 shares during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Trading Down 2.0%

Intuit stock traded down $15.60 during trading hours on Tuesday, hitting $769.27. The company had a trading volume of 1,257,607 shares, compared to its average volume of 1,466,042. The firm has a market cap of $214.59 billion, a P/E ratio of 62.44, a P/E/G ratio of 3.02 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The company has a 50-day moving average price of $768.75 and a two-hundred day moving average price of $664.40.

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 the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm's quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the company earned $9.88 EPS. On average, sell-side analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were issued a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.5%. Intuit's payout ratio is currently 33.77%.

Insiders Place Their Bets

In related news, Director Richard L. Dalzell sold 333 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $768.43, for a total transaction of $255,887.19. Following the completion of the transaction, the director owned 15,474 shares in the company, valued at $11,890,685.82. The trade was a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark P. Notarainni sold 1,147 shares of the business'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 transaction, the executive vice president owned 19 shares of the company's stock, valued at approximately $14,704.10. This trade represents a 98.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. HSBC upgraded shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price objective on the stock in a report on Wednesday, April 23rd. Oppenheimer upped their target price on shares of Intuit from $742.00 to $868.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. 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 research note on Friday, May 23rd. Scotiabank upgraded shares of Intuit from a "sector perform" rating to a "sector outperform" rating and upped their target price for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. Finally, Bank of America upped their target price on shares of Intuit from $730.00 to $875.00 and gave the stock 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 given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently 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.