Scott & Selber Inc. Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Scott & Selber Inc. trimmed its position in Intuit Inc. (NASDAQ:INTU) by 0.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,317 shares of the software maker’s stock after selling 19 shares during the period. Scott & Selber Inc.’s holdings in Intuit were worth $2,681,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Assetmark Inc. raised its holdings in Intuit by 10.9% in the 3rd quarter. Assetmark Inc. now owns 62,095 shares of the software maker’s stock valued at $38,561,000 after acquiring an additional 6,098 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in shares of Intuit in the third quarter valued at approximately $9,233,000. Equitable Trust Co. lifted its position in Intuit by 3.0% during the third quarter. Equitable Trust Co. now owns 5,618 shares of the software maker’s stock worth $3,489,000 after buying an additional 166 shares in the last quarter. Summit Global Investments boosted its stake in Intuit by 19.4% during the third quarter. Summit Global Investments now owns 3,450 shares of the software maker’s stock worth $2,142,000 after buying an additional 561 shares during the last quarter. Finally, TFB Advisors LLC grew its holdings in Intuit by 4.6% in the 3rd quarter. TFB Advisors LLC now owns 1,092 shares of the software maker’s stock valued at $678,000 after buying an additional 48 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Trading Up 1.5 %

NASDAQ INTU opened at $684.22 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market cap of $191.78 billion, a price-to-earnings ratio of 65.48, a PEG ratio of 3.17 and a beta of 1.25. The firm has a 50 day simple moving average of $625.54 and a 200-day simple moving average of $627.81. Intuit Inc. has a one year low of $513.97 and a one year high of $688.88.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the company posted $0.40 EPS. The firm’s revenue was up 17.4% compared to the same quarter last year. Equities research analysts anticipate that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.61%. Intuit’s payout ratio is currently 39.81%.

Insider Buying and Selling

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 owns 452 shares in the company, valued at $279,010.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Laura A. Fennell sold 30,159 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was 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 owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This trade represents a 0.00 % 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, CFO Sandeep Aujla sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the sale, the chief financial officer now owns 452 shares of the company’s stock, valued at approximately $279,010.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,297 shares of company stock worth $35,220,046. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on INTU shares. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Bank of America increased their price target on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. BMO Capital Markets lifted their price target on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Finally, Piper Sandler reissued an “overweight” rating and set a $768.00 target price on shares of Intuit in a research note on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $735.71.

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.