Tran Capital Management L.P. Lowers Position in Intuit Inc. (NASDAQ:INTU)

Tran Capital Management L.P. cut its holdings in Intuit Inc. (NASDAQ:INTU) by 10.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,135 shares of the software maker’s stock after selling 5,180 shares during the quarter. Intuit makes up about 3.3% of Tran Capital Management L.P.’s investment portfolio, making the stock its 17th largest position. Tran Capital Management L.P.’s holdings in Intuit were worth $29,338,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. DiNuzzo Private Wealth Inc. purchased a new stake in Intuit in the fourth quarter worth about $25,000. MCF Advisors LLC lifted its stake in Intuit by 119.0% in the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after acquiring an additional 25 shares during the period. Wetzel Investment Advisors Inc. purchased a new stake in Intuit in the fourth quarter worth about $38,000. Sachetta LLC purchased a new stake in Intuit in the fourth quarter worth about $39,000. Finally, Webster Bank N. A. purchased a new stake in Intuit in the fourth quarter worth about $41,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. BMO Capital Markets reissued an “outperform” rating and set a $700.00 price target on shares of Intuit in a research report on Tuesday, March 26th. Susquehanna decreased their price target on shares of Intuit from $775.00 to $757.00 and set a “positive” rating for the company in a research report on Friday, May 24th. Piper Sandler increased their price target on shares of Intuit from $750.00 to $760.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. UBS Group increased their price objective on shares of Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research report on Monday, May 20th. Finally, Citigroup increased their price objective on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Five analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $687.22.

Intuit Price Performance

Shares of NASDAQ:INTU traded up $3.68 during midday trading on Thursday, reaching $659.90. 931,929 shares of the company’s stock traded hands, compared to its average volume of 1,530,018. Intuit Inc. has a 1 year low of $444.19 and a 1 year high of $676.62. The company has a market cap of $184.47 billion, a P/E ratio of 60.88, a PEG ratio of 3.75 and a beta of 1.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The company has a fifty day simple moving average of $620.43 and a two-hundred day simple moving average of $629.18.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.65 billion. During the same quarter last year, the firm posted $7.80 EPS. The business’s revenue was up 11.9% on a year-over-year basis. Equities analysts predict that Intuit Inc. will post 11.72 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be issued a $0.90 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a yield of 0.55%. Intuit’s payout ratio is currently 33.21%.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 1,415 shares of Intuit stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the transaction, the chief financial officer now owns 2,332 shares in the company, valued at approximately $1,409,880.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Sandeep Aujla sold 1,415 shares of Intuit stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the transaction, the chief financial officer now owns 2,332 shares in the company, valued at approximately $1,409,880.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the sale, the insider now directly owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 195,963 shares of company stock worth $114,442,445. Corporate insiders own 2.90% of the company’s stock.

Intuit 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.