Alta Capital Management LLC cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 39.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 44,973 shares of the software maker’s stock after selling 29,079 shares during the period. Alta Capital Management LLC’s holdings in Intuit were worth $11,960,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. West Oak Capital LLC acquired a new position in shares of Intuit during the third quarter worth $27,000. Manchester Financial Inc. acquired a new position in shares of Intuit during the second quarter worth $30,000. FNY Investment Advisers LLC acquired a new position in shares of Intuit during the second quarter worth $30,000. NewSquare Capital LLC acquired a new position in shares of Intuit during the second quarter worth $42,000. Finally, Ibex Wealth Advisors acquired a new position in shares of Intuit during the second quarter worth $48,000. 87.12% of the stock is currently owned by institutional investors and hedge funds.
In other Intuit news, Chairman Scott D. Cook sold 133,333 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $278.53, for a total value of $37,137,240.49. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jeffrey David Ayers sold 39,689 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $17.15, for a total transaction of $680,666.35. Over the last ninety days, insiders sold 285,279 shares of company stock worth $68,553,645. 4.60% of the stock is owned by corporate insiders.
Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.37. Intuit had a net margin of 22.95% and a return on equity of 43.86%. The company had revenue of $994.00 million for the quarter, compared to analyst estimates of $964.02 million. During the same period in the prior year, the company earned $0.32 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. As a group, equities research analysts predict that Intuit Inc. will post 6.3 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.84%. This is a positive change from Intuit’s previous quarterly dividend of $0.47. The ex-dividend date was Wednesday, October 9th. Intuit’s dividend payout ratio is presently 37.99%.
A number of equities analysts have recently issued reports on INTU shares. BidaskClub downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Saturday. Argus set a $325.00 price objective on shares of Intuit and gave the company a “buy” rating in a report on Monday, August 26th. UBS Group boosted their price objective on shares of Intuit from $260.00 to $285.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Deutsche Bank boosted their price objective on shares of Intuit from $290.00 to $315.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, Oppenheimer boosted their price objective on shares of Intuit from $269.00 to $289.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $277.00.
Intuit Company Profile
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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