Intuit Inc. (NASDAQ:INTU) Shares Sold by AGF Management Ltd.

Key Points

• AGF Management Ltd. reduced its stake in Intuit Inc. by 59.4% in the 1st quarter, holding 101,446 shares valued at approximately $62.29 million after selling 148,137 shares.
• Intuit recently announced a quarterly dividend of $1.04 per share, which translates to an annualized rate of $4.16 and a dividend yield of 0.6%.
• Recent analyst ratings show a consensus of "Moderate Buy" with a price target of $806.27, reflecting investor confidence despite mixed hedge fund activity.

AGF Management Ltd. decreased its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 59.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 101,446 shares of the software maker's stock after selling 148,137 shares during the quarter. AGF Management Ltd.'s holdings in Intuit were worth $62,287,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Financial Management Professionals Inc. grew its stake in Intuit by 18.4% during the first quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock valued at $71,000 after acquiring an additional 18 shares in the last quarter. Chris Bulman Inc grew its stake in Intuit by 1.2% during the first quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock valued at $935,000 after acquiring an additional 18 shares in the last quarter. Kolinsky Wealth Management LLC grew its stake in Intuit by 1.6% during the fourth quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock valued at $749,000 after acquiring an additional 19 shares in the last quarter. Norden Group LLC grew its stake in Intuit by 1.2% during the first quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock valued at $1,021,000 after acquiring an additional 19 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC grew its stake in Intuit by 2.6% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 791 shares of the software maker's stock valued at $486,000 after acquiring an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Activity at Intuit

In other news, EVP Marianna Tessel sold 34,329 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the completion of the sale, the executive vice president owned 40,767 shares in the company, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kerry J. Mclean sold 16,700 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the sale, the executive vice president owned 23,101 shares of the company's stock, valued at $16,844,325.16. This represents a 41.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock worth $209,725,054 over the last ninety days. 2.68% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Scotiabank upgraded shares of Intuit from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the company from $600.00 to $700.00 in a research report on Thursday, April 17th. Stifel Nicolaus increased their price objective on shares of Intuit from $725.00 to $850.00 and gave the company a "buy" rating 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 company a "buy" rating in a research report on Friday, May 23rd. Wall Street Zen upgraded shares of Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. Finally, Evercore ISI raised their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $806.27.

Intuit Trading Down 0.2%

Intuit stock traded down $1.07 during midday trading on Thursday, hitting $710.64. 1,240,965 shares of the stock were exchanged, compared to its average volume of 1,769,683. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $813.70. The stock has a market capitalization of $198.23 billion, a price-to-earnings ratio of 57.68, a PEG ratio of 2.75 and a beta of 1.28. The stock's 50-day simple moving average is $765.97 and its 200 day simple moving average is $669.47. 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 announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts' consensus estimates 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 business's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period last year, the business earned $9.88 earnings per share. On average, equities analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.6%. The ex-dividend date was Thursday, July 10th. 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.