Primecap Management Co. CA Decreases Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• Primecap Management Co. CA has reduced its stake in Intuit Inc. by 3.9%, selling 56,310 shares, and now owns 1,384,565 shares valued at approximately $850 million.
• Several analysts have upgraded Intuit's rating, with HSBC changing it to a "strong-buy" and setting a target price of $699, indicating positive sentiment surrounding the company's stock.
• Intuit recently declared a quarterly dividend of $1.04 per share, translating to an annual yield of 0.5%, with a payout ratio of 33.77%.

Primecap Management Co. CA reduced its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,384,565 shares of the software maker's stock after selling 56,310 shares during the quarter. Primecap Management Co. CA owned approximately 0.50% of Intuit worth $850,109,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in INTU. GAMMA Investing LLC raised its holdings in shares of Intuit by 69,701.9% in the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock worth $17,348,790,000 after buying an additional 2,821,534 shares in the last quarter. Nicholas Hoffman & Company LLC. acquired a new position in Intuit during the 1st quarter worth about $785,564,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Intuit by 33.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock valued at $1,930,765,000 after purchasing an additional 771,232 shares during the last quarter. Unisphere Establishment raised its position in shares of Intuit by 50.0% during the fourth quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker's stock worth $942,750,000 after acquiring an additional 500,000 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Intuit by 17.3% during the 4th quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock valued at $2,118,682,000 after purchasing an additional 498,030 shares during the period. Institutional investors own 83.66% of the company's stock.

Intuit Trading Down 1.7%

Shares of NASDAQ INTU traded down $12.61 during mid-day trading on Friday, hitting $749.00. The stock had a trading volume of 1,670,219 shares, compared to its average volume of 1,423,083. The business has a 50 day moving average price of $769.27 and a two-hundred day moving average price of $667.24. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The firm has a market cap of $208.93 billion, a P/E ratio of 60.80, a price-to-earnings-growth ratio of 2.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45.

Intuit (NASDAQ:INTU - Get Free Report) last posted 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 for the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.88 EPS. On average, equities analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were given 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 0.6%. Intuit's payout ratio is 33.77%.

Insiders Place Their Bets

In related news, EVP Kerry J. Mclean sold 16,700 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the completion of the sale, the executive vice president directly owned 23,101 shares in the company, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 16,061 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total value of $11,662,373.93. Following the completion of the sale, the chief financial officer owned 197 shares of the company's stock, valued at approximately $143,047.61. The trade was a 98.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 in the last quarter. Insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on INTU. Stifel Nicolaus boosted their target price on Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Royal Bank Of Canada reissued an "outperform" rating and set a $850.00 price target (up from $760.00) on shares of Intuit in a research report on Friday, May 23rd. The Goldman Sachs Group raised their target price on shares of Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research note on Monday, May 19th. KeyCorp reissued an "overweight" rating and set a $850.00 price target (up previously from $770.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Susquehanna reaffirmed a "positive" rating on shares of Intuit in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $806.27.

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.