Intuit Inc. (NASDAQ:INTU) Holdings Trimmed by Tredje AP fonden

Key Points

• Tredje AP fonden has reduced its holdings in Intuit Inc. by 36.9%, owning 30,043 shares worth approximately $18.4 million after selling 17,600 shares in the first quarter.
• Several institutional investors increased their positions in Intuit recently, with GAMMA Investing LLC making a significant purchase, raising its holdings by 69,701.9% and now owning shares valued at $17.3 billion.
• Intuit's stock has an average rating of "Moderate Buy" among analysts, with target prices ranging from $660 to $880, following its strong earnings report showing a 15.1% increase in quarterly revenue.

Tredje AP fonden cut its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 36.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,043 shares of the software maker's stock after selling 17,600 shares during the quarter. Tredje AP fonden's holdings in Intuit were worth $18,446,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Intuit by 61.3% in the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock valued at $2,233,000 after buying an additional 1,350 shares in the last quarter. Revolve Wealth Partners LLC increased its position in shares of Intuit by 145.6% in the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after buying an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Intuit by 14.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock valued at $1,252,000 after buying an additional 248 shares in the last quarter. AIA Group Ltd purchased a new position in shares of Intuit in the fourth quarter valued at $845,000. Finally, Cannell & Spears LLC increased its position in shares of Intuit by 6.0% in the fourth quarter. Cannell & Spears LLC now owns 4,246 shares of the software maker's stock valued at $2,669,000 after buying an additional 239 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Intuit

In related news, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total value of $12,176,972.00. Following the sale, the executive vice president owned 23,101 shares of the company's stock, valued at $16,844,325.16. This trade represents a 41.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the transaction, the insider directly owned 6,063,495 shares of the company's stock, valued at $4,494,808,208.55. The trade was a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 279,800 shares of company stock valued at $209,725,054. Company insiders own 2.68% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on INTU. HSBC upgraded Intuit from a "hold" rating to a "buy" rating and set a $699.00 price objective for the company in a research report on Wednesday, April 23rd. Morgan Stanley lifted their price objective on Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. BMO Capital Markets lifted their price objective on Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Barclays reiterated an "overweight" rating and set a $815.00 price objective (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $850.00 price target (up from $760.00) on shares of Intuit in a research note 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $806.27.

Intuit Stock Down 1.1%

INTU stock traded down $8.98 during midday trading on Friday, hitting $776.15. 1,490,057 shares of the company's stock were exchanged, compared to its average volume of 1,382,113. The stock has a market capitalization of $216.51 billion, a price-to-earnings ratio of 63.00, a price-to-earnings-growth ratio of 3.48 and a beta of 1.28. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average price of $765.98 and a 200-day moving average price of $660.69. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $813.70.

Intuit (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. The company 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%. Intuit's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the business posted $9.88 EPS. On average, analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.5%. Intuit's payout ratio is 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.