Forsta AP Fonden Lowers Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Forsta AP Fonden decreased its holdings in Intuit Inc. by 2.3% during Q1, reducing its shares from 83,000 to 81,100, valued at approximately $49.8 million.
• Intuit reported $11.65 earnings per share for the latest quarter, surpassing analyst expectations and showing a revenue increase of 15.1% year-over-year.
• Several analysts have raised their price targets for Intuit's stock, with at least four firms setting targets above $800, reflecting a generally positive outlook on the company's performance.

Forsta AP Fonden lowered its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,100 shares of the software maker's stock after selling 1,900 shares during the period. Forsta AP Fonden's holdings in Intuit were worth $49,795,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in INTU. Legacy Investment Solutions LLC raised its position in shares of Intuit by 18.0% in the fourth quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after buying an additional 18 shares in the last quarter. Financial Management Professionals Inc. raised its position in shares of Intuit by 18.4% in the first quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock worth $71,000 after buying an additional 18 shares in the last quarter. Chris Bulman Inc raised its position in shares of Intuit by 1.2% in the first quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after buying an additional 18 shares in the last quarter. Kolinsky Wealth Management LLC raised its position in shares of Intuit by 1.6% in the fourth quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock worth $749,000 after buying an additional 19 shares in the last quarter. Finally, Norden Group LLC raised its position in shares of Intuit by 1.2% in the first quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock worth $1,021,000 after buying an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Trading Down 1.7%

Shares of NASDAQ INTU traded down $12.61 during trading hours on Friday, hitting $749.00. The company's stock had a trading volume of 1,670,219 shares, compared to its average volume of 1,423,083. 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 has a market cap of $208.93 billion, a price-to-earnings ratio of 60.80, a P/E/G ratio of 2.89 and a beta of 1.28. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $813.70. The business has a 50-day simple moving average of $769.27 and a 200-day simple moving average of $667.63.

Intuit (NASDAQ:INTU - Get Free Report) last posted 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 company had revenue of $7.75 billion for 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 quarterly revenue was up 15.1% on a year-over-year basis. During the same period last year, the firm earned $9.88 earnings per share. On average, analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced 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 of this dividend was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.6%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Insider Buying and Selling

In other Intuit news, Director Richard L. Dalzell sold 333 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $768.43, for a total value of $255,887.19. Following the completion of the sale, the director directly owned 15,474 shares in the company, valued at $11,890,685.82. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Alex G. Balazs sold 882 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total transaction of $689,397.66. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock valued at $209,725,054 over the last ninety days. Corporate insiders own 2.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on INTU. JPMorgan Chase & Co. increased their price objective on Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. KeyCorp reiterated an "overweight" rating and issued a $850.00 price objective (up previously from $770.00) on shares of Intuit in a research report on Friday, May 23rd. Jefferies Financial Group set a $850.00 price objective on Intuit and gave the stock a "buy" rating in a research report on Friday, May 23rd. The Goldman Sachs Group raised their price target on Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $850.00 price target (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $806.27.

Intuit Company 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.