MV Capital Management Inc. Lowers Stock Position in Intuit Inc. (NASDAQ:INTU)

MV Capital Management Inc. decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 25.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,358 shares of the software maker’s stock after selling 1,483 shares during the quarter. MV Capital Management Inc.’s holdings in Intuit were worth $2,833,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in INTU. Capital Advisors Ltd. LLC grew its position in shares of Intuit by 2.6% during the first quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock worth $429,000 after acquiring an additional 17 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH acquired a new position in shares of Intuit during the 1st quarter worth $229,000. Edmonds Duncan Registered Investment Advisors LLC acquired a new position in shares of Intuit during the 1st quarter worth $202,000. Congress Wealth Management LLC DE raised its stake in shares of Intuit by 0.9% during the 1st quarter. Congress Wealth Management LLC DE now owns 27,636 shares of the software maker’s stock worth $17,964,000 after buying an additional 252 shares during the last quarter. Finally, Hexagon Capital Partners LLC raised its stake in Intuit by 10.3% in the 1st quarter. Hexagon Capital Partners LLC now owns 235 shares of the software maker’s stock valued at $153,000 after purchasing an additional 22 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Shares of NASDAQ:INTU traded up $5.45 during trading on Tuesday, hitting $656.22. 927,590 shares of the company were exchanged, compared to its average volume of 1,346,505. The company has a market cap of $183.45 billion, a PE ratio of 60.53, a P/E/G ratio of 3.76 and a beta of 1.23. The stock has a 50 day moving average of $619.43 and a 200 day moving average of $628.63. Intuit Inc. has a 52-week low of $444.19 and a 52-week high of $676.62. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $7.80 earnings per share. As a group, equities research analysts predict that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a yield of 0.55%. Intuit’s dividend payout ratio is presently 33.21%.

Analyst Ratings Changes

INTU has been the subject of a number of research reports. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a report on Friday, June 14th. Bank of America dropped their target price on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a research report on Friday, May 24th. Citigroup increased their target price on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research report on Friday. Piper Sandler increased their price target on Intuit from $750.00 to $760.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Finally, UBS Group raised their target price on Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research note on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $683.91.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 1,415 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $855,480.70. Following the transaction, the chief financial officer now owns 2,332 shares of the company’s stock, valued at $1,409,880.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the transaction, the executive vice president now directly owns 869 shares of the company’s stock, valued at $525,380.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sandeep Aujla sold 1,415 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the transaction, the chief financial officer now directly owns 2,332 shares in the company, valued at $1,409,880.56. The disclosure for this sale can be found here. Insiders have sold a total of 193,937 shares of company stock valued at $113,123,232 over the last 90 days. 2.90% of the stock is owned by insiders.

Intuit 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.