NorthCrest Asset Manangement LLC Sells 520 Shares of Intuit Inc. $INTU

Key Points

• NorthCrest Asset Management LLC reduced its holdings in Intuit Inc. by 0.7% in Q2 2023, owning 69,896 shares valued at approximately $54.56 million.
• Intuit recently declared a quarterly dividend of $1.20 per share, increasing from the previous $1.04, with an annualized dividend yield of 0.7%.
• Several analysts have upgraded Intuit's stock ratings, with price targets now ranging from $725 to $900, reflecting a consensus rating of "Moderate Buy."

NorthCrest Asset Manangement LLC decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 0.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 69,896 shares of the software maker's stock after selling 520 shares during the quarter. Intuit comprises about 1.5% of NorthCrest Asset Manangement LLC's investment portfolio, making the stock its 11th biggest position. NorthCrest Asset Manangement LLC's holdings in Intuit were worth $54,563,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in Intuit by 69,701.9% during the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock valued at $17,348,790,000 after purchasing an additional 2,821,534 shares in the last quarter. Nuveen LLC acquired a new position in shares of Intuit in the first quarter worth $882,031,000. Nicholas Hoffman & Company LLC. acquired a new position in shares of Intuit in the first quarter worth $785,564,000. Price T Rowe Associates Inc. MD increased its stake in shares of Intuit by 7.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,018,770 shares of the software maker's stock worth $5,537,435,000 after acquiring an additional 649,212 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Intuit during the fourth quarter worth $237,244,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Intuit Stock Performance

INTU traded up $12.96 on Friday, reaching $687.92. The company had a trading volume of 4,062,723 shares, compared to its average volume of 2,166,550. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.36 and a current ratio of 1.36. The stock has a market cap of $191.79 billion, a P/E ratio of 50.07, a P/E/G ratio of 2.66 and a beta of 1.26. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $813.70. The company's fifty day moving average is $715.45 and its 200 day moving average is $685.53.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data on Thursday, August 21st. The software maker reported $2.75 EPS for the quarter, beating the consensus estimate of $2.66 by $0.09. Intuit had a net margin of 20.55% and a return on equity of 22.72%. The business had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The firm's revenue was up 20.3% compared to the same quarter last year. Intuit has set its Q1 2026 guidance at 3.050-3.120 EPS. FY 2026 guidance at 22.980-23.180 EPS. As a group, analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Thursday, October 9th will be paid a dividend of $1.20 per share. This is a boost from Intuit's previous quarterly dividend of $1.04. This represents a $4.80 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, October 9th. Intuit's payout ratio is currently 30.28%.

Insider Buying and Selling at Intuit

In related news, EVP Mark P. Notarainni sold 1,147 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $773.90, for a total transaction of $887,663.30. Following the transaction, the executive vice president directly owned 19 shares of the company's stock, valued at $14,704.10. This trade represents a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sandeep Aujla sold 2,591 shares of Intuit stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $782.22, for a total transaction of $2,026,732.02. Following the completion of the sale, the chief financial officer directly owned 768 shares in the company, valued at approximately $600,744.96. This represents a 77.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,879 shares of company stock valued at $7,558,613 over the last 90 days. Insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on INTU. Morgan Stanley lowered their price target on Intuit from $900.00 to $880.00 and set an "overweight" rating on the stock in a research report on Friday, August 22nd. Wells Fargo & Company set a $880.00 target price on shares of Intuit and gave the company an "overweight" rating in a research note on Friday, June 13th. UBS Group cut their price target on shares of Intuit from $750.00 to $725.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Stifel Nicolaus dropped their price objective on shares of Intuit from $850.00 to $800.00 and set a "buy" rating for the company in a report on Friday, August 22nd. Finally, Zacks Research lowered shares of Intuit from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $797.62.

Intuit 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.