Meeder Asset Management Inc. Sells 4,389 Shares of Intuit Inc. (NASDAQ:INTU)

Meeder Asset Management Inc. cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 57.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,221 shares of the software maker’s stock after selling 4,389 shares during the quarter. Meeder Asset Management Inc.’s holdings in Intuit were worth $2,117,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in INTU. Norges Bank bought a new position in shares of Intuit during the 4th quarter valued at approximately $2,101,848,000. Wellington Management Group LLP grew its stake in shares of Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Lone Pine Capital LLC bought a new position in Intuit in the 4th quarter worth approximately $467,852,000. Parnassus Investments LLC boosted its stake in Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after purchasing an additional 727,185 shares during the period. Finally, Capital World Investors boosted its stake in Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock worth $735,480,000 after purchasing an additional 416,099 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on INTU. KeyCorp upped their price target on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Royal Bank of Canada began coverage on Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price objective for the company. UBS Group lifted their target price on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a report on Monday, May 20th. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Finally, Susquehanna restated a “positive” rating and set a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares in the company, valued at $2,384,755.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now owns 3,840 shares in the company, valued at $2,384,755.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,940 shares of company stock valued at $10,721,252. 2.90% of the stock is currently owned by company insiders.

Intuit Trading Up 0.4 %

Shares of NASDAQ INTU opened at $646.37 on Friday. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The company has a market cap of $181.17 billion, a price-to-earnings ratio of 59.63, a PEG ratio of 3.14 and a beta of 1.24. The business’s 50 day moving average price is $636.90 and its 200-day moving average price is $632.08.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period last year, the company earned $0.40 earnings per share. On average, sell-side analysts expect that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a $1.04 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio is currently 33.21%.

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.