Intuit Inc. (NASDAQ:INTU) Holdings Cut by Montag & Caldwell LLC

Montag & Caldwell LLC cut its stake in Intuit Inc. (NASDAQ:INTU) by 5.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,866 shares of the software maker’s stock after selling 1,720 shares during the quarter. Intuit comprises about 4.0% of Montag & Caldwell LLC’s portfolio, making the stock its 7th biggest position. Montag & Caldwell LLC’s holdings in Intuit were worth $19,628,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. LGT Financial Advisors LLC acquired a new position in shares of Intuit during the second quarter worth $25,000. Cultivar Capital Inc. acquired a new position in Intuit during the 2nd quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new stake in Intuit in the second quarter valued at about $35,000. Sachetta LLC acquired a new stake in Intuit in the fourth quarter worth about $39,000. Finally, J.Safra Asset Management Corp purchased a new stake in shares of Intuit during the second quarter worth about $39,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Up 1.4 %

Shares of INTU opened at $655.31 on Monday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $183.68 billion, a P/E ratio of 60.45, a PEG ratio of 3.14 and a beta of 1.24. The stock’s 50 day moving average is $636.63 and its two-hundred day moving average is $631.56. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the firm earned $0.40 EPS. The firm’s revenue was up 17.4% compared to the same quarter last year. Analysts predict that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm 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 represents a $4.16 dividend on an annualized basis and a yield of 0.63%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio (DPR) is 33.21%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on INTU. Jefferies Financial Group raised their target price on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. BMO Capital Markets lifted their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Barclays cut their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Royal Bank of Canada began coverage on shares of Intuit in a report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective on the stock. Finally, Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $720.37.

Insider Transactions at Intuit

In other Intuit news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction 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 directly owns 3,840 shares in the company, valued at approximately $2,384,755.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were 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 of the company’s stock, valued at approximately $2,384,755.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at $664,020. The disclosure for this sale can be found here. Insiders have sold a total of 16,940 shares of company stock worth $10,721,252 in the last ninety days. Insiders own 2.90% of the company’s stock.

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.