Gulf International Bank UK Ltd Sells 5,645 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Intuit Inc. by 26.0% during the first quarter, now owning 16,077 shares valued at approximately $9.87 million.
• Wall Street analysts are optimistic about Intuit's future, with firms like Evercore ISI and Barclays increasing their target prices to $785.00 and $815.00, respectively, indicating confidence in the company’s growth.
• Intuit reported strong quarterly earnings with an EPS of $11.65, surpassing estimates, and a revenue of $7.75 billion, reflecting a year-over-year increase of 15.1%.

Gulf International Bank UK Ltd decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 26.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,077 shares of the software maker's stock after selling 5,645 shares during the period. Gulf International Bank UK Ltd's holdings in Intuit were worth $9,871,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Copia Wealth Management purchased a new position in shares of Intuit during the 4th quarter worth approximately $25,000. Heck Capital Advisors LLC purchased a new position in shares of Intuit during the 4th quarter worth approximately $28,000. Olde Wealth Management LLC purchased a new position in shares of Intuit during the 1st quarter worth approximately $37,000. Atlantic Edge Private Wealth Management LLC grew its holdings in shares of Intuit by 523.1% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after acquiring an additional 68 shares during the period. Finally, Hughes Financial Services LLC purchased a new position in shares of Intuit during the 1st quarter worth approximately $50,000. Institutional investors own 83.66% of the company's stock.

Insider Activity at Intuit

In related news, EVP Mark P. Notarainni sold 1,147 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total value of $887,663.30. Following the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lauren D. Hotz sold 1,738 shares of the firm's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $784.09, for a total value of $1,362,748.42. Following the completion of the transaction, the chief accounting officer directly owned 455 shares in the company, valued at approximately $356,760.95. This represents a 79.25% 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 valued at $209,725,054 in the last 90 days. 2.68% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Evercore ISI upped their target price on Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. Scotiabank upgraded 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 report on Thursday, April 17th. Wells Fargo & Company set a $880.00 target price on Intuit and gave the stock an "overweight" rating in a report on Friday, June 13th. CLSA started coverage on Intuit in a research note on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price target on the stock. Finally, Oppenheimer upped their price target on Intuit from $742.00 to $868.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $806.27.

Intuit Stock Performance

Intuit stock traded down $1.07 during mid-day trading on Thursday, reaching $710.64. 1,240,965 shares of the stock traded hands, compared to its average volume of 1,609,849. The stock has a market capitalization of $198.23 billion, a PE ratio of 57.68, a price-to-earnings-growth ratio of 2.74 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 Inc. has a 12-month low of $532.65 and a 12-month high of $813.70. The business's 50-day moving average is $764.85 and its 200-day moving average is $670.19.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 21.46% and a net margin of 19.07%. Intuit's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $9.88 earnings per share. As a group, sell-side analysts predict that Intuit Inc. will post 14.09 EPS for the current fiscal 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 given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio is 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.