Brown Shipley& Co Ltd Reduces Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Brown Shipley& Co Ltd lessened its position in shares of Intuit Inc. (NASDAQ:INTU) by 70.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 193 shares of the software maker’s stock after selling 461 shares during the quarter. Brown Shipley& Co Ltd’s holdings in Intuit were worth $127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. LGT Financial Advisors LLC purchased a new position in Intuit during the second quarter worth $25,000. Cultivar Capital Inc. acquired a new stake in shares of Intuit during the second quarter valued at $26,000. Fairway Wealth LLC purchased a new stake in Intuit during the 2nd quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new position in Intuit in the 2nd quarter valued at about $35,000. Finally, J.Safra Asset Management Corp purchased a new position in Intuit in the 2nd quarter valued at about $39,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on INTU. Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research note on Friday, June 14th. BMO Capital Markets increased their price target on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Finally, JPMorgan Chase & Co. upped their target price on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and an average target price of $735.71.

Insiders Place Their Bets

In related news, EVP Laura A. Fennell sold 30,159 shares of Intuit 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 sale, the executive vice president now owns 52,038 shares in the company, valued at $33,427,129.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction dated 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 owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the 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 approximately $664,020. The disclosure for this sale can be found here. Insiders have sold 52,548 shares of company stock worth $33,604,124 in the last three months. 2.90% of the stock is owned by insiders.

Intuit Stock Down 2.8 %

INTU opened at $619.03 on Monday. The company has a market cap of $173.05 billion, a PE ratio of 57.11, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24. 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 $473.56 and a 1 year high of $676.62. The firm has a 50 day moving average price of $635.09 and a 200 day moving average price of $630.41.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. Sell-side analysts expect that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is 38.38%.

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.