Intuit Inc. (NASDAQ:INTU) Stake Reduced by Coastline Trust Co

Coastline Trust Co decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 24.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 266 shares of the software maker’s stock after selling 85 shares during the period. Coastline Trust Co’s holdings in Intuit were worth $165,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in INTU. Kingsview Wealth Management LLC lifted its holdings in shares of Intuit by 6.5% during the first quarter. Kingsview Wealth Management LLC now owns 1,222 shares of the software maker’s stock valued at $795,000 after purchasing an additional 75 shares during the last quarter. Intech Investment Management LLC lifted its stake in Intuit by 134.7% during the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after buying an additional 2,641 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Intuit by 62.3% in the first quarter. Acadian Asset Management LLC now owns 16,327 shares of the software maker’s stock worth $10,606,000 after buying an additional 6,266 shares during the period. Ontario Teachers Pension Plan Board purchased a new position in shares of Intuit in the first quarter worth approximately $1,075,000. Finally, Edgestream Partners L.P. raised its holdings in shares of Intuit by 72.2% during the first quarter. Edgestream Partners L.P. now owns 4,106 shares of the software maker’s stock valued at $2,669,000 after acquiring an additional 1,722 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Performance

INTU opened at $687.87 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 company has a market cap of $192.80 billion, a PE ratio of 65.82, a price-to-earnings-growth ratio of 3.45 and a beta of 1.25. The stock has a 50-day moving average of $633.08 and a 200-day moving average of $630.09. Intuit Inc. has a 52-week low of $552.68 and a 52-week high of $714.78.

Intuit (NASDAQ:INTU) last announced 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 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 the consensus estimate of $3.08 billion. During the same quarter last year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, equities research analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were paid a $1.04 dividend. The ex-dividend date was Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.60%. Intuit’s payout ratio is presently 39.81%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on INTU shares. Bank of America lifted their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Jefferies Financial Group increased their price objective on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Stifel Nicolaus lifted their target price on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and an average price target of $739.24.

Insider Buying and Selling

In other news, CFO Sandeep Aujla sold 775 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total transaction of $466,015.25. Following the transaction, the chief financial officer now owns 4,451 shares in the company, valued at approximately $2,676,430.81. The trade was a 14.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the sale, the insider now owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,297 shares of company stock valued at $35,220,046. Insiders own 2.90% of the company’s stock.

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.