Kornitzer Capital Management Inc. KS Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Kornitzer Capital Management Inc. KS decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 10.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 4,541 shares of the software maker’s stock after selling 535 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Intuit were worth $2,984,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. JFS Wealth Advisors LLC raised its stake in shares of Intuit by 1.0% in the 4th quarter. JFS Wealth Advisors LLC now owns 1,564 shares of the software maker’s stock valued at $978,000 after acquiring an additional 16 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Intuit by 3.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after purchasing an additional 16 shares in the last quarter. Fortitude Family Office LLC lifted its stake in shares of Intuit by 2.8% during the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after purchasing an additional 16 shares in the last quarter. WASHINGTON TRUST Co boosted its position in shares of Intuit by 10.5% in the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after buying an additional 16 shares during the period. Finally, Gemmer Asset Management LLC grew its stake in shares of Intuit by 3.7% in the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after buying an additional 16 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Down 0.3 %

NASDAQ INTU opened at $621.48 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.50 and a current ratio of 1.29. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. The company has a 50-day simple moving average of $639.26 and a 200-day simple moving average of $632.71. The firm has a market capitalization of $173.73 billion, a PE ratio of 57.33, a price-to-earnings-growth ratio of 3.08 and a beta of 1.23.

Intuit (NASDAQ:INTU) last issued 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 company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. Intuit’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 earnings per share. On average, equities analysts forecast that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.67%. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

Analysts Set New Price Targets

Several analysts have issued reports on INTU shares. KeyCorp increased their price objective on shares of Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research report on Monday, May 20th. BMO Capital Markets boosted their price objective on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Royal Bank of Canada assumed coverage on shares of Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. UBS Group lifted their target price on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research report on Monday, May 20th. Finally, Citigroup increased their price target on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $716.35.

Insider Buying and Selling at Intuit

In other news, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the transaction, the executive vice president now owns 24,941 shares in the company, valued at $15,752,985.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Intuit news, EVP Kerry J. Mclean sold 11,079 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 116,308 shares of company stock worth $67,651,926. 2.90% of the stock is owned by insiders.

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.