Handelsbanken Fonder AB Sells 153,670 Shares of Intuit Inc. (NASDAQ:INTU)

Handelsbanken Fonder AB decreased its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 46.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 179,271 shares of the software maker's stock after selling 153,670 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.06% of Intuit worth $110,071,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Copia Wealth Management bought a new stake in Intuit during the 4th quarter worth about $25,000. NewSquare Capital LLC lifted its position in Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after buying an additional 18 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Intuit in the 4th quarter valued at about $28,000. Heck Capital Advisors LLC bought a new position in shares of Intuit in the fourth quarter valued at about $28,000. Finally, VSM Wealth Advisory LLC acquired a new position in Intuit in the 4th quarter valued at $35,000. Institutional investors own 83.66% of the company's stock.

Intuit Trading Down 0.3%

Intuit stock traded down $2.28 during mid-day trading on Tuesday, hitting $762.10. The company's stock had a trading volume of 1,422,369 shares, compared to its average volume of 1,619,743. The business has a 50 day moving average price of $649.11 and a 200-day moving average price of $626.71. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $773.45. The stock has a market cap of $212.59 billion, a price-to-earnings ratio of 73.99, a price-to-earnings-growth ratio of 2.85 and a beta of 1.28. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit (NASDAQ:INTU - Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.89 by $0.76. The firm had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business's revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the business earned $9.88 earnings per share. As a group, analysts forecast that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be given a $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.55%. Intuit's dividend payout ratio is 33.77%.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 72,442 shares of Intuit stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the transaction, the insider now directly owns 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. This trade represents a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 16,061 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total value of $11,662,373.93. Following the transaction, the chief financial officer now owns 197 shares of the company's stock, valued at $143,047.61. The trade was a 98.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 225,592 shares of company stock valued at $165,325,437. 2.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Piper Sandler reiterated an "overweight" rating and issued a $825.00 price target (up previously from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Redburn Atlantic began coverage on Intuit in a report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Barclays reiterated an "overweight" rating and issued a $815.00 target price (up previously from $775.00) on shares of Intuit in a report on Friday, May 23rd. Evercore ISI boosted their target price on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. Finally, Stifel Nicolaus boosted their price objective on Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $785.33.

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.