Gluskin Sheff & Assoc Inc. Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Gluskin Sheff & Assoc Inc. cut its position in shares of Intuit Inc. (NASDAQ:INTU) by 11.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,250 shares of the software maker’s stock after selling 1,936 shares during the period. Gluskin Sheff & Assoc Inc.’s holdings in Intuit were worth $6,799,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in INTU. Mogy Joel R Investment Counsel Inc. lifted its holdings in shares of Intuit by 0.5% in the 1st quarter. Mogy Joel R Investment Counsel Inc. now owns 73,174 shares of the software maker’s stock valued at $32,623,000 after acquiring an additional 375 shares during the last quarter. KCM Investment Advisors LLC boosted its holdings in shares of Intuit by 22.9% in the 1st quarter. KCM Investment Advisors LLC now owns 714 shares of the software maker’s stock worth $318,000 after purchasing an additional 133 shares during the period. Raymond James & Associates increased its position in shares of Intuit by 5.8% during the 1st quarter. Raymond James & Associates now owns 298,391 shares of the software maker’s stock valued at $133,032,000 after purchasing an additional 16,272 shares during the last quarter. Ethic Inc. raised its holdings in Intuit by 31.3% during the 1st quarter. Ethic Inc. now owns 19,581 shares of the software maker’s stock valued at $8,730,000 after buying an additional 4,663 shares during the period. Finally, Creative Planning lifted its position in Intuit by 6.8% in the fourth quarter. Creative Planning now owns 40,219 shares of the software maker’s stock worth $15,654,000 after buying an additional 2,577 shares during the last quarter. Institutional investors own 82.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on INTU shares. Jefferies Financial Group boosted their price objective on shares of Intuit from $525.00 to $600.00 and gave the company a “buy” rating in a research report on Monday, August 14th. Piper Sandler upped their price target on shares of Intuit from $528.00 to $642.00 and gave the company an “overweight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Intuit from $525.00 to $575.00 and gave the stock a “buy” rating in a research note on Friday, August 25th. Stifel Nicolaus upped their target price on Intuit from $475.00 to $550.00 and gave the company a “buy” rating in a research note on Friday, August 25th. Finally, Bank of America raised their price target on Intuit from $530.00 to $580.00 and gave the stock a “buy” rating in a research note on Friday, August 25th. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $551.73.

Insider Buying and Selling

In other Intuit news, EVP Laura A. Fennell sold 53,741 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $450.96, for a total value of $24,235,041.36. Following the completion of the sale, the executive vice president now directly owns 39,896 shares in the company, valued at $17,991,500.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Michelle M. Clatterbuck sold 1,412 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $452.74, for a total transaction of $639,268.88. Following the transaction, the chief financial officer now owns 1,350 shares in the company, valued at $611,199. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 53,741 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $450.96, for a total transaction of $24,235,041.36. Following the completion of the transaction, the executive vice president now directly owns 39,896 shares of the company’s stock, valued at $17,991,500.16. The disclosure for this sale can be found here. Insiders sold a total of 82,225 shares of company stock worth $39,409,161 in the last 90 days. 3.18% of the stock is owned by corporate insiders.

Intuit Stock Down 0.9 %

NASDAQ:INTU traded down $4.97 during trading hours on Tuesday, reaching $544.33. The company’s stock had a trading volume of 149,091 shares, compared to its average volume of 1,612,693. The stock has a 50 day moving average price of $502.25 and a two-hundred day moving average price of $456.58. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.51 and a current ratio of 1.47. The company has a market capitalization of $152.58 billion, a P/E ratio of 65.08, a price-to-earnings-growth ratio of 3.36 and a beta of 1.19. Intuit Inc. has a 12 month low of $352.63 and a 12 month high of $558.64.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 24th. The software maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.43 by $0.22. Intuit had a return on equity of 16.61% and a net margin of 16.59%. The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same period in the previous year, the company posted $0.22 EPS. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. Equities analysts predict that Intuit Inc. will post 11.25 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 17th. Stockholders of record on Monday, October 9th will be given a $0.90 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.66%. This is an increase from Intuit’s previous quarterly dividend of $0.78. Intuit’s payout ratio is presently 36.97%.

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 ProConnect.