IQ EQ FUND MANAGEMENT IRELAND Ltd Decreases Stock Holdings in Intuit Inc. (NASDAQ:INTU)

IQ EQ FUND MANAGEMENT IRELAND Ltd trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 16.4% in the second quarter, HoldingsChannel.com reports. The fund owned 347 shares of the software maker’s stock after selling 68 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Intuit were worth $228,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Intuit by 7.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 170,993 shares of the software maker’s stock valued at $112,378,000 after acquiring an additional 11,799 shares during the last quarter. Banco Santander S.A. increased its position in Intuit by 40.3% in the second quarter. Banco Santander S.A. now owns 9,226 shares of the software maker’s stock worth $6,063,000 after buying an additional 2,649 shares during the last quarter. Arkadios Wealth Advisors increased its position in Intuit by 12.9% in the second quarter. Arkadios Wealth Advisors now owns 1,457 shares of the software maker’s stock worth $958,000 after buying an additional 167 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Intuit by 1.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 14,707 shares of the software maker’s stock worth $9,665,000 after buying an additional 218 shares during the last quarter. Finally, Whittier Trust Co. increased its position in Intuit by 3.8% in the second quarter. Whittier Trust Co. now owns 39,179 shares of the software maker’s stock worth $25,748,000 after buying an additional 1,426 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Trading Down 0.2 %

NASDAQ:INTU traded down $1.17 during mid-day trading on Friday, reaching $621.63. 689,595 shares of the company’s stock traded hands, compared to its average volume of 1,330,364. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The firm has a market capitalization of $173.77 billion, a price-to-earnings ratio of 57.45, a PEG ratio of 3.14 and a beta of 1.23. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50. The company has a 50 day moving average price of $640.04 and a 200-day moving average price of $633.78.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. Intuit’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.40 EPS. On average, sell-side analysts predict that Intuit Inc. will post 11.72 earnings per share for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.67%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is presently 38.38%.

Insider Buying and Selling at Intuit

In other Intuit news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $567.75, for a total transaction of $42,581,250.00. Following the sale, the insider now directly owns 6,626,721 shares of the company’s stock, valued at approximately $3,762,320,847.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Intuit news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $567.75, for a total transaction of $42,581,250.00. Following the sale, the insider now directly owns 6,626,721 shares of the company’s stock, valued at approximately $3,762,320,847.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at $2,170,682.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 104,367 shares of company stock valued at $60,118,991. 2.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on INTU. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Barclays decreased their target price on Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Bank of America raised their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Royal Bank of Canada started coverage on Intuit in a report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price target for the company. Finally, Jefferies Financial Group raised their price target on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $716.35.

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.