Carderock Capital Management Inc. Cuts Stock Position in Intuit Inc. (NASDAQ:INTU)

Carderock Capital Management Inc. cut its stake in Intuit Inc. (NASDAQ:INTU) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,935 shares of the software maker’s stock after selling 95 shares during the quarter. Carderock Capital Management Inc.’s holdings in Intuit were worth $6,791,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in INTU. Fortitude Family Office LLC boosted its stake in shares of Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after buying an additional 16 shares during the period. WASHINGTON TRUST Co boosted its position in Intuit by 10.5% during the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after acquiring an additional 16 shares during the last quarter. Gemmer Asset Management LLC grew its stake in Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares during the period. Capital Advisors Ltd. LLC increased its stake in shares of Intuit by 2.6% in the 1st quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock valued at $429,000 after acquiring an additional 17 shares in the last quarter. Finally, Stonebrook Private Inc. raised its holdings in shares of Intuit by 4.5% during the first quarter. Stonebrook Private Inc. now owns 398 shares of the software maker’s stock valued at $259,000 after purchasing an additional 17 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 4,000 shares of Intuit stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the transaction, the chief financial officer now directly owns 452 shares in the company, valued at approximately $279,010.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Intuit news, CFO Sandeep Aujla sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the transaction, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the sale, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 55,297 shares of company stock worth $35,220,046. Corporate insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

INTU has been the topic of a number of recent research reports. Jefferies Financial Group lifted their target price on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Royal Bank of Canada initiated coverage on shares of Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price for the company. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. BMO Capital Markets upped their target price on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Finally, Citigroup boosted their target price on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Intuit Stock Performance

Shares of INTU stock opened at $609.39 on Thursday. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market capitalization of $170.35 billion, a price-to-earnings ratio of 56.22, a price-to-earnings-growth ratio of 3.04 and a beta of 1.24. The business has a 50 day simple moving average of $631.07 and a 200 day simple moving average of $627.85.

Intuit (NASDAQ:INTU) last issued 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 business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 EPS. On average, equities research analysts anticipate that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

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.