Geneva Capital Management LLC Has $24.60 Million Stake in Intuit Inc. (NASDAQ:INTU)

Geneva Capital Management LLC lessened its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,612 shares of the software maker’s stock after selling 1,382 shares during the period. Geneva Capital Management LLC’s holdings in Intuit were worth $24,599,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. LGT Financial Advisors LLC acquired a new position in shares of Intuit in the 2nd quarter valued at about $25,000. Cultivar Capital Inc. bought a new stake in Intuit in the second quarter worth approximately $26,000. Fairway Wealth LLC acquired a new position in Intuit in the second quarter valued at approximately $26,000. Northwest Investment Counselors LLC bought a new position in shares of Intuit during the 3rd quarter worth approximately $27,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Intuit during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity

In related news, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Intuit news, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total value of $19,372,935.24. Following the transaction, the executive vice president now owns 52,038 shares of the company’s stock, valued at $33,427,129.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 in the last three months. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on INTU. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Bank of America increased 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. Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Stifel Nicolaus raised their price objective on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Susquehanna reaffirmed a “positive” rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Intuit Price Performance

Shares of NASDAQ INTU opened at $699.47 on Wednesday. The company has a market capitalization of $196.05 billion, a PE ratio of 66.93, a PEG ratio of 3.41 and a beta of 1.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average price is $626.88 and its 200-day moving average price is $628.23. Intuit Inc. has a twelve month low of $523.32 and a twelve month high of $703.88.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The firm 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%. The business’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. On average, equities analysts anticipate that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.59%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, October 10th. Intuit’s payout ratio is presently 39.81%.

About Intuit

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.