Sheets Smith Wealth Management Sells 25 Shares of Intuit Inc. (NASDAQ:INTU)

Sheets Smith Wealth Management lowered its position in Intuit Inc. (NASDAQ:INTU) by 0.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,972 shares of the software maker’s stock after selling 25 shares during the quarter. Intuit accounts for about 1.2% of Sheets Smith Wealth Management’s holdings, making the stock its 18th largest position. Sheets Smith Wealth Management’s holdings in Intuit were worth $9,919,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of INTU. International Assets Investment Management LLC increased its stake in Intuit by 68,404.7% in the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after acquiring an additional 483,621 shares during the period. Vanguard Group Inc. grew its stake in shares of Intuit by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after purchasing an additional 283,291 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Intuit in the 2nd quarter worth approximately $184,982,000. Ameriprise Financial Inc. lifted its position in shares of Intuit by 17.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after buying an additional 238,486 shares during the period. Finally, Clearbridge Investments LLC boosted its stake in Intuit by 21.3% in the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock valued at $633,766,000 after buying an additional 169,190 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the sale, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the transaction, the executive vice president now owns 52,038 shares of the company’s stock, valued at $33,427,129.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total value of $466,015.25. Following the sale, the chief financial officer now directly owns 4,451 shares in the company, valued at $2,676,430.81. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,297 shares of company stock worth $35,220,046. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

INTU has been the subject of several recent analyst reports. Jefferies Financial Group increased their price objective on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. BMO Capital Markets upped their price objective on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Barclays dropped their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Finally, Bank of America boosted their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and a consensus price target of $735.71.

Intuit Trading Up 1.5 %

INTU opened at $684.22 on Friday. The firm has a 50 day simple moving average of $625.54 and a 200 day simple moving average of $627.81. Intuit Inc. has a fifty-two week low of $513.97 and a fifty-two week high of $688.88. The company has a market cap of $191.78 billion, a price-to-earnings ratio of 65.48, a price-to-earnings-growth ratio of 3.17 and a beta of 1.25. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS. On average, sell-side analysts anticipate that Intuit Inc. will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were paid a $1.04 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.61%. Intuit’s dividend payout ratio is presently 39.81%.

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.