Independent Solutions Wealth Management LLC Lowers Stock Position in Intuit Inc. (NASDAQ:INTU)

Independent Solutions Wealth Management LLC cut its holdings in Intuit Inc. (NASDAQ:INTU) by 2.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,643 shares of the software maker’s stock after selling 108 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Intuit were worth $2,883,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of INTU. International Assets Investment Management LLC lifted its stake in shares of 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 worth $300,768,000 after buying an additional 483,621 shares in the last quarter. Holocene Advisors LP lifted its position in Intuit by 99.6% in the 3rd quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock valued at $388,487,000 after acquiring an additional 312,212 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Intuit by 17.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after purchasing an additional 238,486 shares during the last quarter. State Street Corp increased its holdings in shares of Intuit by 1.8% in the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after purchasing an additional 221,885 shares in the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Intuit by 21.3% in the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after purchasing an additional 169,190 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Price Performance

INTU stock traded down $7.59 during midday trading on Thursday, hitting $642.22. The company’s stock had a trading volume of 813,696 shares, compared to its average volume of 1,372,777. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The company has a 50 day moving average of $643.19 and a two-hundred day moving average of $633.67. The firm has a market capitalization of $179.77 billion, a price-to-earnings ratio of 62.35, a price-to-earnings-growth ratio of 3.31 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.14 EPS. On average, analysts expect that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.65%. Intuit’s dividend payout ratio (DPR) is presently 40.39%.

Analyst Ratings Changes

INTU has been the subject of several research analyst reports. Bank of America lifted their price objective on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. BMO Capital Markets upped their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Barclays lowered their price objective on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Royal Bank of Canada restated an “outperform” rating and set a $760.00 target price on shares of Intuit in a research report on Friday, November 22nd. Finally, StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Thursday, December 12th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $737.44.

Insiders Place Their Bets

In related news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction 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 approximately $2,676,430.81. This trade represents a 14.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $19,372,935.24. Following the sale, the executive vice president now directly owns 52,038 shares of the company’s stock, valued at $33,427,129.68. This represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 145,093 shares of company stock valued at $93,725,118 over the last ninety days. 2.68% of the stock is owned by insiders.

Intuit Company 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.