Intuit Inc. (NASDAQ:INTU) Stake Lowered by Independent Advisor Alliance

Key Points

• Independent Advisor Alliance reduced its stake in Intuit Inc. by 6.1%, selling 625 shares, leaving them with a total of 9,571 shares valued at approximately $5.88 million.
• Intuit reported quarterly earnings of $11.65 per share, exceeding forecasts, with revenues of $7.75 billion, marking a 15.1% increase from the previous year.
• The company also recently declared a quarterly dividend of $1.04 per share, reflecting an annualized yield of 0.6% with a payout ratio of 33.77%.

Independent Advisor Alliance reduced its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 6.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 9,571 shares of the software maker's stock after selling 625 shares during the quarter. Independent Advisor Alliance's holdings in Intuit were worth $5,877,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Copia Wealth Management purchased a new position in shares of Intuit during the fourth quarter worth about $25,000. Heck Capital Advisors LLC bought a new position in Intuit in the fourth quarter worth $28,000. Olde Wealth Management LLC bought a new position in shares of Intuit during the first quarter valued at $37,000. Atlantic Edge Private Wealth Management LLC boosted its position in shares of Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock valued at $50,000 after buying an additional 68 shares during the last quarter. Finally, Hughes Financial Services LLC purchased a new stake in shares of Intuit during the first quarter valued at $50,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Oppenheimer lifted their target price on Intuit from $742.00 to $868.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Morgan Stanley upped their target price on Intuit from $785.00 to $900.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Jefferies Financial Group set a $850.00 target price on Intuit and gave the stock a "buy" rating in a report on Friday, May 23rd. Evercore ISI raised their target price on Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $850.00 target price (up previously from $760.00) on shares of Intuit in a research note on Friday, May 23rd. One 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $806.27.

Insiders Place Their Bets

In related news, EVP Kerry J. Mclean sold 16,700 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the transaction, the executive vice president owned 23,101 shares in the company, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Marianna Tessel sold 34,329 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $760.84, for a total value of $26,118,876.36. Following the completion of the transaction, the executive vice president owned 40,767 shares in the company, valued at approximately $31,017,164.28. This trade represents a 45.71% 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 valued at $209,725,054. Insiders own 2.68% of the company's stock.

Intuit Trading Down 0.2%

Intuit stock traded down $1.77 during midday trading on Wednesday, reaching $711.71. The stock had a trading volume of 1,602,299 shares, compared to its average volume of 1,592,884. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $813.70. The stock has a market capitalization of $198.53 billion, a PE ratio of 57.77, a price-to-earnings-growth ratio of 2.75 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. The stock's 50-day simple moving average is $765.97 and its 200 day simple moving average is $669.47.

Intuit (NASDAQ:INTU - Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the prior year, the business earned $9.88 earnings per share. The company's revenue was up 15.1% compared to the same quarter last year. Analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were paid a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.6%. Intuit's payout ratio is 33.77%.

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.