Sienna Gestion Sells 2,312 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Sienna Gestion has reduced its stake in Intuit Inc. by 9.1%, owning 23,132 shares valued at approximately $13.81 million, which makes it the fund's 17th largest position.
• Several institutional investors, including Invesco Ltd. and Charles Schwab Investment Management, have increased their holdings in Intuit during the 1st quarter of 2023.
• Intuit's share prices have been positively rated by analysts, with targets ranging from $699.00 to $880.00, and an overall consensus rating of "Moderate Buy."

Sienna Gestion lessened its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 9.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,132 shares of the software maker's stock after selling 2,312 shares during the quarter. Intuit accounts for approximately 1.1% of Sienna Gestion's investment portfolio, making the stock its 17th biggest holding. Sienna Gestion's holdings in Intuit were worth $13,806,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Copia Wealth Management bought a new stake in Intuit during the fourth quarter worth $25,000. Heck Capital Advisors LLC bought a new position in shares of Intuit in the fourth quarter valued at about $28,000. Olde Wealth Management LLC bought a new position in shares of Intuit in the first quarter valued at about $37,000. Atlantic Edge Private Wealth Management LLC raised its position in shares of Intuit by 523.1% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock valued at $50,000 after purchasing an additional 68 shares during the period. Finally, Hughes Financial Services LLC bought a new position in shares of Intuit in the first quarter valued at about $50,000. Institutional investors own 83.66% of the company's stock.

Intuit Trading Up 0.9%

NASDAQ INTU traded up $6.10 during trading hours on Friday, reaching $716.74. The company's stock had a trading volume of 1,751,380 shares, compared to its average volume of 1,618,337. 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 52 week low of $532.65 and a 52 week high of $813.70. The firm has a fifty day simple moving average of $763.75 and a 200-day simple moving average of $671.53. The stock has a market cap of $199.93 billion, a P/E ratio of 58.18, a P/E/G ratio of 2.76 and a beta of 1.28.

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

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors 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 annualized dividend and a yield of 0.6%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Analyst Ratings Changes

Several brokerages have recently weighed in on INTU. CLSA began coverage on shares of Intuit in a research report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price objective on the stock. Evercore ISI upped their price target on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. Wells Fargo & Company set a $880.00 price target on shares of Intuit and gave the company an "overweight" rating in a research note on Friday, June 13th. Hsbc Global Res upgraded shares of Intuit from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group upped their price target 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. One equities research 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $807.45.

Insiders Place Their Bets

In related news, CFO Sandeep Aujla sold 2,591 shares of Intuit stock in a transaction on Thursday, July 3rd. The shares were 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 of the company's stock, valued at approximately $600,744.96. This trade represents a 77.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard L. Dalzell sold 333 shares of Intuit stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $768.43, for a total transaction of $255,887.19. Following the completion of the sale, the director directly owned 15,474 shares of the company's stock, valued at approximately $11,890,685.82. The trade was a 2.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock worth $209,725,054 in the last quarter. 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.