Concurrent Investment Advisors LLC Decreases Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Concurrent Investment Advisors LLC lessened its stake in Intuit Inc. (NASDAQ:INTU) by 14.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,912 shares of the software maker’s stock after selling 832 shares during the period. Concurrent Investment Advisors LLC’s holdings in Intuit were worth $3,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in INTU. Norges Bank purchased a new position in shares of Intuit in the 4th quarter worth approximately $2,101,848,000. Wellington Management Group LLP lifted its holdings in shares of Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares during the last quarter. Lone Pine Capital LLC purchased a new stake in shares of Intuit during the 4th quarter valued at $467,852,000. Parnassus Investments LLC boosted its position in shares of Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after purchasing an additional 727,185 shares in the last quarter. Finally, Capital World Investors grew its stake in Intuit by 54.7% during the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock worth $735,480,000 after buying an additional 416,099 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Scott D. Cook sold 27,309 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total value of $16,198,606.44. Following the transaction, the insider now directly owns 6,524,412 shares of the company’s stock, valued at approximately $3,870,020,221.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Scott D. Cook sold 27,309 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the completion of the sale, the insider now directly owns 6,524,412 shares in the company, valued at $3,870,020,221.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $567.75, for a total value of $42,581,250.00. Following the completion of the transaction, the insider now owns 6,626,721 shares in the company, valued at approximately $3,762,320,847.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,367 shares of company stock worth $60,118,991. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. KeyCorp raised their price target on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company raised their price target on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a report on Tuesday, May 21st. BMO Capital Markets boosted their price objective on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $768.00 target price (up previously from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $716.35.

Intuit Stock Performance

INTU stock traded up $7.46 during midday trading on Friday, hitting $630.26. 2,069,467 shares of the stock traded hands, compared to its average volume of 1,338,575. Intuit Inc. has a 1-year low of $473.56 and a 1-year 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. The stock’s fifty day simple moving average is $640.13 and its 200-day simple moving average is $633.52. The firm has a market cap of $176.19 billion, a P/E ratio of 58.14, a PEG ratio of 3.14 and a beta of 1.23.

Intuit (NASDAQ:INTU) last posted its earnings results 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 firm had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period last year, the firm earned $0.40 EPS. On average, analysts expect that Intuit Inc. will post 11.72 earnings per share for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is presently 38.38%.

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.