Penserra Capital Management LLC Sells 650 Shares of Intuit Inc. (NASDAQ:INTU)

Penserra Capital Management LLC decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 32.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,339 shares of the software maker's stock after selling 650 shares during the quarter. Penserra Capital Management LLC's holdings in Intuit were worth $821,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Copia Wealth Management purchased a new position in shares of Intuit during the fourth quarter valued at $25,000. Summit Securities Group LLC purchased a new position in shares of Intuit during the fourth quarter valued at $28,000. Heck Capital Advisors LLC purchased a new position in shares of Intuit during the fourth quarter valued at $28,000. VSM Wealth Advisory LLC purchased a new position in shares of Intuit during the fourth quarter valued at $35,000. Finally, Olde Wealth Management LLC purchased a new position in shares of Intuit during the first quarter valued at $37,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Stock Performance

NASDAQ:INTU remained flat at $747.90 during mid-day trading on Friday. The company had a trading volume of 1,047,778 shares, compared to its average volume of 1,623,598. The firm's 50 day moving average price is $733.03 and its 200 day moving average price is $646.71. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $790.60. The company has a market capitalization of $208.63 billion, a price-to-earnings ratio of 60.71, a price-to-earnings-growth ratio of 3.33 and a beta of 1.27. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29.

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

Intuit Dividend Announcement

The company 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 $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.56%. Intuit's dividend payout ratio is currently 33.77%.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 2,591 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $782.22, for a total value of $2,026,732.02. Following the completion of the sale, the chief financial officer owned 768 shares in the company, valued at approximately $600,744.96. This trade represents a 77.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lauren D. Hotz sold 1,738 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $784.09, for a total value of $1,362,748.42. Following the completion of the sale, the chief accounting officer owned 455 shares of the company's stock, valued at $356,760.95. This represents a 79.25% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

INTU has been the topic of a number of recent research reports. Bank of America boosted their target price on Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. BMO Capital Markets set a $870.00 target price on Intuit and gave the company an "outperform" rating in a research note on Thursday. Barclays restated an "overweight" rating and issued a $815.00 target price (up previously from $775.00) on shares of Intuit in a research note on Friday, May 23rd. Royal Bank Of Canada restated an "outperform" rating and issued a $850.00 target price (up previously from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Citigroup restated a "buy" rating and issued a $789.00 target price (up previously from $726.00) on shares of Intuit in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Intuit presently has an average rating of "Moderate Buy" and a consensus target price of $800.55.

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.