Intuit Inc. (NASDAQ:INTU) Shares Acquired by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel increased its holdings in Intuit Inc. by 98.6% during the first quarter, owning 1,172 shares worth $685,000 after purchasing 582 additional shares.
• Intuit reported an earnings per share (EPS) of $11.65 for its latest quarter, exceeding expectations, with a year-over-year revenue growth of 15.1%.
• Recent insider sales included EVP Mark P. Notarainni selling 1,147 shares for approximately $887,663, representing a 98.37% decrease in his holdings in the company.

Carnegie Investment Counsel lifted its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 98.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,172 shares of the software maker's stock after buying an additional 582 shares during the period. Carnegie Investment Counsel's holdings in Intuit were worth $685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. NorthStar Asset Management LLC NJ increased its holdings in shares of Intuit by 6.8% during the 1st quarter. NorthStar Asset Management LLC NJ now owns 756 shares of the software maker's stock worth $464,000 after buying an additional 48 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Intuit by 0.7% during the 1st quarter. Pinnacle Associates Ltd. now owns 2,862 shares of the software maker's stock worth $1,757,000 after buying an additional 21 shares during the last quarter. Abel Hall LLC acquired a new stake in shares of Intuit during the 1st quarter worth approximately $236,000. Burney Co. increased its holdings in shares of Intuit by 31.9% during the 1st quarter. Burney Co. now owns 562 shares of the software maker's stock worth $345,000 after buying an additional 136 shares during the last quarter. Finally, Wedbush Securities Inc. increased its holdings in shares of Intuit by 8.5% during the 1st quarter. Wedbush Securities Inc. now owns 2,165 shares of the software maker's stock worth $1,329,000 after buying an additional 169 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Insider Activity

In related news, EVP Mark P. Notarainni sold 1,147 shares of Intuit stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $773.90, for a total transaction of $887,663.30. Following the sale, the executive vice president directly owned 19 shares in the company, valued at $14,704.10. This trade represents a 98.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lauren D. Hotz sold 1,738 shares of Intuit stock in a transaction on Friday, June 27th. The stock was sold at an average price of $784.09, for a total transaction of $1,362,748.42. Following the sale, the chief accounting officer owned 455 shares in the company, valued at $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 sold 279,800 shares of company stock worth $209,725,054 over the last three months. Company insiders own 2.68% of the company's stock.

Intuit Price Performance

Intuit stock opened at $785.95 on Friday. The stock has a market cap of $219.24 billion, a P/E ratio of 63.79, a price-to-earnings-growth ratio of 3.47 and a beta of 1.27. The company has a fifty day simple moving average of $755.39 and a 200-day simple moving average of $655.80. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $790.60. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29.

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, topping the consensus estimate of $10.89 by $0.76. The business 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 company's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the company earned $9.88 EPS. Equities analysts expect 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. Stockholders of record on Thursday, July 10th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.53%. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Wall Street Analyst Weigh In

INTU has been the subject of a number of research analyst reports. Hsbc Global Res raised shares of Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. KeyCorp reaffirmed an "overweight" rating and set a $850.00 price objective (up previously from $770.00) on shares of Intuit in a research report on Friday, May 23rd. Bank of America increased their price objective on shares of Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. HSBC raised shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price objective for the company in a research report on Wednesday, April 23rd. Finally, Jefferies Financial Group set a $850.00 price objective on shares of Intuit and gave the stock a "buy" rating in a research report on Friday, May 23rd. One 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $800.55.

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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