Essex Investment Management Co. LLC trimmed its position in Intuit Inc. (NASDAQ:INTU) by 6.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,365 shares of the software maker’s stock after selling 1,068 shares during the quarter. Intuit accounts for 0.9% of Essex Investment Management Co. LLC’s holdings, making the stock its 16th largest holding. Essex Investment Management Co. LLC’s holdings in Intuit were worth $7,531,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital Analysts LLC bought a new position in shares of Intuit in the first quarter worth about $27,000. Solstein Capital LLC acquired a new stake in shares of Intuit during the 1st quarter valued at $29,000. Atlantic Trust LLC bought a new stake in Intuit during the 2nd quarter worth $30,000. Stonebridge Capital Advisors LLC acquired a new position in Intuit in the 1st quarter worth about $32,000. Finally, Center for Financial Planning Inc. acquired a new stake in shares of Intuit during the first quarter valued at about $44,000. Hedge funds and other institutional investors own 84.42% of the company’s stock.
In other news, CFO Michelle M. Clatterbuck sold 9,343 shares of the business’s stock in a transaction that occurred on Thursday, September 2nd. The stock was sold at an average price of $562.56, for a total value of $5,255,998.08. Following the transaction, the chief financial officer now owns 19,079 shares in the company, valued at approximately $10,733,082.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP James Alexander Chriss sold 2,022 shares of the business’s stock in a transaction that occurred on Thursday, September 2nd. The stock was sold at an average price of $562.53, for a total value of $1,137,435.66. Following the completion of the transaction, the executive vice president now owns 3,234 shares in the company, valued at approximately $1,819,222.02. The disclosure for this sale can be found here. Insiders have sold a total of 59,347 shares of company stock valued at $33,277,145 in the last quarter. Company insiders own 3.38% of the company’s stock.
Intuit (NASDAQ:INTU) last released its quarterly earnings results on Monday, August 23rd. The software maker reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.38. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.32 billion. Intuit had a return on equity of 24.31% and a net margin of 21.41%. The company’s quarterly revenue was up 41.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.81 EPS. As a group, equities analysts anticipate that Intuit Inc. will post 7.98 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 18th. Shareholders of record on Monday, October 11th will be paid a dividend of $0.68 per share. The ex-dividend date of this dividend is Friday, October 8th. This represents a $2.72 dividend on an annualized basis and a yield of 0.48%. This is an increase from Intuit’s previous quarterly dividend of $0.59. Intuit’s payout ratio is 31.22%.
Several equities research analysts recently commented on INTU shares. Edward Jones assumed coverage on shares of Intuit in a research report on Thursday, August 26th. They set a “hold” rating on the stock. Jefferies Financial Group increased their price objective on Intuit from $525.00 to $630.00 and gave the company a “buy” rating in a report on Monday, August 23rd. Mizuho lifted their target price on Intuit from $550.00 to $640.00 and gave the stock a “buy” rating in a report on Wednesday, August 25th. Morgan Stanley increased their price target on Intuit from $511.00 to $615.00 and gave the company an “overweight” rating in a research note on Wednesday, August 25th. Finally, Guggenheim reiterated a “buy” rating on shares of Intuit in a report on Monday, August 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $544.55.
Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed; Consumer; and Strategic Partner. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.
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