Wedge Capital Management L L P NC Has $57.92 Million Position in Intuit Inc. (NASDAQ:INTU)

Wedge Capital Management L L P NC reduced its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 6.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 94,327 shares of the software maker's stock after selling 6,654 shares during the quarter. Intuit makes up about 1.1% of Wedge Capital Management L L P NC's holdings, making the stock its 6th largest position. Wedge Capital Management L L P NC's holdings in Intuit were worth $57,916,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Intuit by 2.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker's stock worth $107,854,000 after purchasing an additional 3,648 shares during the period. Capitolis Liquid Global Markets LLC bought a new position in Intuit in the 4th quarter worth approximately $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Intuit in the 4th quarter valued at approximately $237,244,000. V Square Quantitative Management LLC grew its stake in Intuit by 7.0% in the 4th quarter. V Square Quantitative Management LLC now owns 7,671 shares of the software maker's stock valued at $4,821,000 after buying an additional 501 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new position in shares of Intuit in the fourth quarter worth $10,757,000. 83.66% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Intuit news, EVP Marianna Tessel sold 7,385 shares of the business's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $600.13, for a total value of $4,431,960.05. Following the completion of the transaction, the executive vice president now owns 40,190 shares in the company, valued at $24,119,224.70. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider now directly owns 6,063,495 shares in the company, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 225,592 shares of company stock valued at $165,325,437. Insiders own 2.68% of the company's stock.

Intuit Price Performance

Shares of NASDAQ INTU opened at $771.58 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $773.45. The business's 50 day moving average price is $646.24 and its 200 day moving average price is $626.21. The firm has a market cap of $215.23 billion, a P/E ratio of 74.91, a P/E/G ratio of 2.85 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last released 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. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the firm posted $9.88 EPS. The business's quarterly revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.54%. Intuit's payout ratio is 33.77%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on INTU shares. Barclays reaffirmed an "overweight" rating and set a $815.00 target price (up previously from $775.00) on shares of Intuit in a report on Friday, May 23rd. Bank of America boosted their price target on shares of Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Hsbc Global Res upgraded Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. Citigroup restated a "buy" rating and issued a $789.00 target price (up from $726.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Morgan Stanley reiterated an "overweight" rating and set a $785.00 price target (up previously from $720.00) on shares of Intuit in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Intuit presently has a consensus rating of "Moderate Buy" and an average target price of $785.33.

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.

Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.