Exchange Traded Concepts LLC Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

Exchange Traded Concepts LLC reduced its position in shares of Intuit Inc. (NASDAQ:INTU) by 79.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,744 shares of the software maker’s stock after selling 14,462 shares during the period. Exchange Traded Concepts LLC’s holdings in Intuit were worth $2,353,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of INTU. AQR Capital Management LLC boosted its holdings in shares of Intuit by 37.3% during the second quarter. AQR Capital Management LLC now owns 50,487 shares of the software maker’s stock worth $32,954,000 after purchasing an additional 13,721 shares during the period. Kathmere Capital Management LLC raised its stake in Intuit by 9.5% in the second quarter. Kathmere Capital Management LLC now owns 436 shares of the software maker’s stock worth $287,000 after buying an additional 38 shares in the last quarter. Ascent Group LLC raised its stake in Intuit by 6.8% in the second quarter. Ascent Group LLC now owns 4,803 shares of the software maker’s stock worth $3,157,000 after buying an additional 307 shares in the last quarter. Aviso Wealth Management raised its stake in Intuit by 4.9% in the second quarter. Aviso Wealth Management now owns 362 shares of the software maker’s stock worth $238,000 after buying an additional 17 shares in the last quarter. Finally, Buck Wealth Strategies LLC raised its stake in Intuit by 148.3% in the second quarter. Buck Wealth Strategies LLC now owns 12,626 shares of the software maker’s stock worth $8,299,000 after buying an additional 7,541 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $641.82, for a total value of $48,136,500.00. Following the sale, the insider now owns 6,378,105 shares in the company, valued at approximately $4,093,595,351.10. This trade represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mark P. Notarainni sold 3,649 shares of Intuit stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $646.68, for a total transaction of $2,359,735.32. Following the transaction, the executive vice president now owns 19 shares in the company, valued at $12,286.92. This represents a 99.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293,014 shares of company stock worth $188,992,187. 2.68% of the stock is owned by insiders.

Intuit Trading Down 0.1 %

NASDAQ:INTU opened at $597.95 on Monday. The company’s 50 day moving average price is $636.69 and its 200-day moving average price is $634.99. Intuit Inc. has a 52 week low of $557.29 and a 52 week high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a market cap of $167.38 billion, a price-to-earnings ratio of 58.05, a PEG ratio of 3.01 and a beta of 1.25.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the company posted $1.14 earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.70%. The ex-dividend date was Friday, January 10th. Intuit’s dividend payout ratio is currently 40.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 price target on shares of Intuit in a research note on Friday, November 22nd. Piper Sandler reissued an “overweight” rating and issued a $765.00 price target on shares of Intuit in a research note on Friday, January 10th. Barclays decreased their price target on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Stifel Nicolaus decreased their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Finally, Morgan Stanley raised their target price on shares of Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $726.53.

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.