Massachusetts Financial Services Co. MA Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Massachusetts Financial Services Co. MA reduced its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 90.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,591 shares of the software maker's stock after selling 857,285 shares during the quarter. Massachusetts Financial Services Co. MA's holdings in Intuit were worth $56,850,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of INTU. Dakota Wealth Management lifted its stake in Intuit by 2.9% in the 1st quarter. Dakota Wealth Management now owns 4,144 shares of the software maker's stock worth $2,544,000 after purchasing an additional 117 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of Intuit by 1,133.4% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 100,708 shares of the software maker's stock valued at $61,834,000 after buying an additional 92,543 shares during the last quarter. Apollon Wealth Management LLC raised its holdings in Intuit by 68.8% during the first quarter. Apollon Wealth Management LLC now owns 21,025 shares of the software maker's stock worth $12,909,000 after purchasing an additional 8,573 shares in the last quarter. Hohimer Wealth Management LLC acquired a new position in Intuit during the first quarter worth about $4,357,000. Finally, Catalyst Financial Partners LLC grew its position in shares of Intuit by 4.9% in the first quarter. Catalyst Financial Partners LLC now owns 1,095 shares of the software maker's stock valued at $672,000 after purchasing an additional 51 shares during the last quarter. Institutional investors own 83.66% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on INTU shares. Barclays reaffirmed an "overweight" rating and issued a $815.00 price target (up from $775.00) on shares of Intuit in a research note on Friday, May 23rd. JPMorgan Chase & Co. boosted their price target on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Oppenheimer restated an "outperform" rating and set a $742.00 target price (up previously from $642.00) on shares of Intuit in a report on Friday, May 23rd. HSBC raised shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target on the stock in a research report on Wednesday, April 23rd. Finally, CLSA assumed coverage on shares of Intuit in a research note on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $800.55.

Intuit Stock Up 0.6%

Intuit stock opened at $755.37 on Friday. The firm has a fifty day moving average price of $742.02 and a two-hundred day moving average price of $649.76. The firm has a market cap of $210.71 billion, a price-to-earnings ratio of 61.31, a P/E/G ratio of 3.33 and a beta of 1.27. 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 Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $790.60.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. During the same period in the prior year, the firm earned $9.88 earnings per share. The company's quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's payout ratio is presently 33.77%.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Laura A. Fennell sold 25,648 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were 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 directly owned 22,796 shares in the company, valued at approximately $17,148,291. This represents a 52.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kerry J. Mclean sold 16,700 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 23,101 shares in the company, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 over the last 90 days. 2.68% of the stock is owned by corporate insiders.

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.

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