Intuit Inc. (NASDAQ:INTU) Holdings Cut by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its holdings in Intuit Inc. by 53.3% during the first quarter, now owning 126,330 shares valued at approximately $77.57 million.
• Intuit reported an earnings per share (EPS) of $11.65 for the last quarter, surpassing estimates by $0.76, and its revenue was up 15.1% year-over-year at $7.75 billion.
• The company declared a quarterly dividend of $1.04, translating to an annualized dividend of $4.16 and a dividend yield of 0.52%.

Mackenzie Financial Corp reduced its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 53.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,330 shares of the software maker's stock after selling 144,331 shares during the period. Mackenzie Financial Corp's holdings in Intuit were worth $77,565,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. Copia Wealth Management bought a new position in shares of Intuit during the fourth quarter worth about $25,000. Summit Securities Group LLC bought a new position in shares of Intuit during the fourth quarter worth about $28,000. Heck Capital Advisors LLC bought a new position in shares of Intuit during the fourth quarter worth about $28,000. Olde Wealth Management LLC bought a new position in shares of Intuit during the first quarter worth about $37,000. Finally, Atlantic Edge Private Wealth Management LLC lifted 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 worth $50,000 after purchasing an additional 68 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 16,061 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total value of $11,662,373.93. Following the completion of the transaction, the chief financial officer owned 197 shares of the company's stock, valued at approximately $143,047.61. This trade represents a 98.79% decrease in their position. 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 the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $752.25, for a total transaction of $19,293,708.00. Following the completion of the transaction, the executive vice president directly owned 22,796 shares of the company's stock, valued at $17,148,291. This represents a 52.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is currently owned by insiders.

Intuit Price Performance

NASDAQ:INTU traded down $10.64 during trading hours on Friday, reaching $774.49. 763,775 shares of the company's stock were exchanged, compared to its average volume of 1,769,062. The company has a market capitalization of $216.05 billion, a P/E ratio of 62.81, a price-to-earnings-growth ratio of 3.58 and a beta of 1.27. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $813.70. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The business's 50-day simple moving average is $765.98 and its two-hundred day simple moving average is $660.69.

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 analysts' consensus estimates of $10.89 by $0.76. The firm 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 firm's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the firm posted $9.88 earnings per share. Sell-side 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. 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 dividend on an annualized basis and a yield of 0.5%. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. BMO Capital Markets increased their price target on shares of Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Susquehanna reiterated a "positive" rating on shares of Intuit in a research note on Friday, May 23rd. HSBC upgraded shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price objective on the stock in a research note on Wednesday, April 23rd. CLSA assumed coverage on shares of Intuit in a research note on Thursday, June 26th. They set an "outperform" rating and a $900.00 price objective on the stock. Finally, 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 note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $806.27.

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.