Intuit Inc. (NASDAQ:INTU) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp reduced its stake in Intuit Inc. by 3.5%, ending with 63,814 shares valued at $39.18 million.
• Intuit reported $11.65 earnings per share for the last quarter, exceeding analysts' estimates, with revenue of $7.75 billion, a 15.1% increase year-over-year.
• The company announced a quarterly dividend of $1.04 per share, representing an annualized payout of $4.16 and a dividend yield of 0.6%.

King Luther Capital Management Corp trimmed its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 3.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 63,814 shares of the software maker's stock after selling 2,291 shares during the quarter. King Luther Capital Management Corp's holdings in Intuit were worth $39,181,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Pinnacle Financial Partners Inc grew its holdings in shares of Intuit by 3.6% in the 1st quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock worth $10,922,000 after acquiring an additional 623 shares during the last quarter. Capitolis Liquid Global Markets LLC acquired a new position in shares of Intuit in the 4th quarter worth $109,988,000. Malaga Cove Capital LLC grew its holdings in shares of Intuit by 110.6% in the 1st quarter. Malaga Cove Capital LLC now owns 874 shares of the software maker's stock worth $537,000 after acquiring an additional 459 shares during the last quarter. Financial Gravity Asset Management Inc. acquired a new position in shares of Intuit in the 1st quarter worth $2,285,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Intuit in the fourth quarter worth $237,244,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $749.00 on Friday. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $813.70. The business has a 50-day moving average of $769.27 and a two-hundred day moving average of $667.63. The stock has a market capitalization of $208.93 billion, a P/E ratio of 60.80, a P/E/G ratio of 2.89 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45.

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, topping analysts' consensus estimates 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 analysts' expectations of $7.56 billion. During the same quarter in the previous year, the firm earned $9.88 earnings per share. The business's quarterly revenue was up 15.1% compared to the same quarter last year. On average, equities research analysts predict that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.6%. Intuit's payout ratio is presently 33.77%.

Analysts Set New Price Targets

Several analysts have recently commented on INTU shares. CLSA started coverage on Intuit in a research report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 target price for the company. Oppenheimer raised their target price on Intuit from $742.00 to $868.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Barclays reaffirmed an "overweight" rating and issued a $815.00 target price (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Citigroup reaffirmed a "buy" rating and issued a $789.00 target price (up previously from $726.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and raised their target price for the stock from $600.00 to $700.00 in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Intuit currently has an average rating of "Moderate Buy" and an average price target of $806.27.

Insiders Place Their Bets

In other news, EVP Marianna Tessel sold 34,329 shares of Intuit 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 transaction, the executive vice president directly owned 40,767 shares in the company, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 25,648 shares of Intuit stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $752.25, for a total value of $19,293,708.00. Following the completion of the transaction, the executive vice president owned 22,796 shares in the company, valued at $17,148,291. The trade was a 52.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 279,800 shares of company stock valued at $209,725,054 in the last ninety days. Company insiders own 2.68% of the company's stock.

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.

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