Intuit Inc. (NASDAQ:INTU) Shares Sold by Vaughan Nelson Investment Management L.P.

Vaughan Nelson Investment Management L.P. lowered its stake in Intuit Inc. (NASDAQ:INTU) by 1.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 276,830 shares of the software maker’s stock after selling 4,635 shares during the quarter. Intuit comprises about 1.5% of Vaughan Nelson Investment Management L.P.’s investment portfolio, making the stock its 14th biggest position. Vaughan Nelson Investment Management L.P.’s holdings in Intuit were worth $171,912,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Kingsview Wealth Management LLC grew its stake in Intuit by 6.5% during the 1st quarter. Kingsview Wealth Management LLC now owns 1,222 shares of the software maker’s stock worth $795,000 after purchasing an additional 75 shares in the last quarter. Intech Investment Management LLC grew its holdings in Intuit by 134.7% during the 1st quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after acquiring an additional 2,641 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Intuit by 62.3% in the 1st quarter. Acadian Asset Management LLC now owns 16,327 shares of the software maker’s stock valued at $10,606,000 after purchasing an additional 6,266 shares during the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in shares of Intuit in the 1st quarter valued at $1,075,000. Finally, Edgestream Partners L.P. lifted its position in shares of Intuit by 72.2% during the 1st quarter. Edgestream Partners L.P. now owns 4,106 shares of the software maker’s stock worth $2,669,000 after purchasing an additional 1,722 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INTU has been the topic of a number of analyst reports. Piper Sandler restated an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research note on Friday, September 27th. Stifel Nicolaus raised their target price on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. upped their price target on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Finally, Bank of America upped their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $739.24.

Intuit Stock Performance

Shares of INTU opened at $687.87 on Friday. The stock has a market capitalization of $192.80 billion, a P/E ratio of 65.82, a P/E/G ratio of 3.36 and a beta of 1.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit Inc. has a 1 year low of $552.68 and a 1 year high of $714.78. The company’s fifty day moving average is $633.08 and its two-hundred day moving average is $630.09.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue was up 17.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.40 earnings per share. On average, sell-side analysts predict that Intuit Inc. will post 14.05 earnings per share for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were issued a $1.04 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.60%. Intuit’s dividend payout ratio is 39.81%.

Insider Activity

In other news, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at $15,752,985.01. This trade represents a 30.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 52,038 shares in the company, valued at approximately $33,427,129.68. The trade was a 36.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

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.