Thoroughbred Financial Services LLC Reduces Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Thoroughbred Financial Services LLC has reduced its position in Intuit Inc. by 6.0%, now holding 5,149 shares valued at approximately $3.16 million after selling 330 shares in the first quarter.
• Various institutional investors, including Clearstead Trust LLC and Raiffeisen Bank International AG, have increased their stakes in Intuit, with the firm now holding 83.66% of the company's stock.
• Intuit's recent quarterly earnings exceeded estimates, reporting an earnings per share (EPS) of $11.65 compared to the consensus estimate of $10.89, along with a revenue of $7.75 billion.

Thoroughbred Financial Services LLC reduced its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 6.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,149 shares of the software maker's stock after selling 330 shares during the quarter. Thoroughbred Financial Services LLC's holdings in Intuit were worth $3,161,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Clearstead Trust LLC boosted its holdings in shares of Intuit by 20.0% in the first quarter. Clearstead Trust LLC now owns 846 shares of the software maker's stock valued at $520,000 after purchasing an additional 141 shares during the period. Earned Wealth Advisors LLC purchased a new position in shares of Intuit during the first quarter valued at $260,000. Raiffeisen Bank International AG raised its holdings in shares of Intuit by 20.8% in the first quarter. Raiffeisen Bank International AG now owns 15,212 shares of the software maker's stock valued at $9,111,000 after acquiring an additional 2,615 shares in the last quarter. Manchester Capital Management LLC lifted its stake in Intuit by 17.4% in the first quarter. Manchester Capital Management LLC now owns 613 shares of the software maker's stock worth $377,000 after acquiring an additional 91 shares during the period. Finally, CCLA Investment Management grew its holdings in Intuit by 2.0% during the 1st quarter. CCLA Investment Management now owns 206,633 shares of the software maker's stock worth $126,827,000 after acquiring an additional 3,995 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Insider Transactions at Intuit

In related news, Director Richard L. Dalzell sold 333 shares of the firm's 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 transaction, the director owned 15,474 shares of the company's stock, valued at $11,890,685.82. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 2,591 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were 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. The trade was a 77.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Intuit from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. Scotiabank raised shares of Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their price objective for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. HSBC upgraded Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price for the company in a report on Wednesday, April 23rd. BMO Capital Markets lifted their price target on Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Finally, Piper Sandler restated an "overweight" rating and set a $825.00 price objective (up from $785.00) on shares of Intuit in a research note on Friday, May 23rd. One 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 assigned a strong buy rating to the company's stock. According to MarketBeat.com, Intuit presently has an average rating of "Moderate Buy" and an average target price of $806.27.

Intuit Stock Performance

Shares of INTU opened at $784.87 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a 50-day moving average of $768.40 and a two-hundred day moving average of $663.67. The stock has a market cap of $218.94 billion, a P/E ratio of 63.71, a P/E/G ratio of 2.99 and a beta of 1.28. Intuit Inc. has a one year low of $532.65 and a one year high of $813.70.

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

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were paid a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.5%. Intuit's dividend payout ratio is presently 33.77%.

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.

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