Ninety One North America Inc. Sells 5,795 Shares of Intuit Inc. (NASDAQ:INTU)

Ninety One North America Inc. lessened its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 7.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,643 shares of the software maker's stock after selling 5,795 shares during the quarter. Intuit accounts for 3.0% of Ninety One North America Inc.'s investment portfolio, making the stock its 11th biggest position. Ninety One North America Inc.'s holdings in Intuit were worth $44,602,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of INTU. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Intuit by 2.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker's stock valued at $107,854,000 after purchasing an additional 3,648 shares in the last quarter. Pinnacle Financial Partners Inc lifted its position in Intuit by 3.6% during the 1st quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock valued at $10,922,000 after acquiring an additional 623 shares during the period. Capitolis Liquid Global Markets LLC purchased a new position in Intuit during the 4th quarter valued at about $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Intuit during the 4th quarter valued at about $237,244,000. Finally, Baer Investment Advisory LLC purchased a new position in Intuit during the 4th quarter valued at about $3,261,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. HSBC raised shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target for the company in a research report on Wednesday, April 23rd. Bank of America lifted their target price on shares of Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. The Goldman Sachs Group lifted their target price on shares of Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a report on Monday, May 19th. BMO Capital Markets reissued an "outperform" rating and set a $820.00 price objective (up from $714.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Jefferies Financial Group set a $850.00 price objective on shares of Intuit and gave the company a "buy" rating in a report on Friday, May 23rd. One investment 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 issued a strong buy rating to the company. According to MarketBeat, Intuit has an average rating of "Moderate Buy" and an average target price of $798.27.

Intuit Price Performance

Intuit stock traded down $2.13 during mid-day trading on Tuesday, hitting $781.48. The stock had a trading volume of 1,291,852 shares, compared to its average volume of 1,620,230. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The firm's 50 day moving average is $722.21 and its 200 day moving average is $643.41. Intuit Inc. has a one year low of $532.65 and a one year high of $790.60. The firm has a market capitalization of $217.99 billion, a P/E ratio of 63.43, a P/E/G ratio of 3.49 and a beta of 1.27.

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. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the business earned $9.88 earnings per share. Intuit's revenue for the quarter was up 15.1% on a year-over-year basis. On average, sell-side analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.53%. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Marianna Tessel sold 34,329 shares of the stock in a transaction 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 transaction, the executive vice president owned 40,767 shares in the company, valued at $31,017,164.28. This trade represents a 45.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the transaction, the insider owned 6,063,495 shares of the company's stock, valued at $4,494,808,208.55. This trade represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,252 shares of company stock valued at $208,518,508 over the last ninety days. Corporate insiders own 2.68% of the company's stock.

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.