Avestar Capital LLC Trims Stake in Intuit Inc. (NASDAQ:INTU)

Avestar Capital LLC lowered its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 6.5% in the third quarter, Holdings Channel reports. The firm owned 3,953 shares of the software maker’s stock after selling 276 shares during the quarter. Avestar Capital LLC’s holdings in Intuit were worth $2,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Intuit Stock Performance

Shares of NASDAQ INTU opened at $635.00 on Tuesday. The stock has a market capitalization of $177.88 billion, a P/E ratio of 61.61, a P/E/G ratio of 3.13 and a beta of 1.25. The firm’s 50-day moving average price is $634.58 and its two-hundred day moving average price is $631.24. Intuit Inc. has a 52-week low of $557.29 and a 52-week high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the previous year, the firm posted $1.14 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Intuit Inc. will post 14.05 earnings per share for the current year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be given a $1.04 dividend. The ex-dividend date is Thursday, January 9th. This represents a $4.16 annualized dividend and a yield of 0.66%. Intuit’s dividend payout ratio is presently 40.39%.

Analyst Upgrades and Downgrades

INTU has been the subject of several research analyst reports. Morgan Stanley upped their price target on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research report on Friday. BMO Capital Markets upped their price target on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Scotiabank started coverage on shares of Intuit in a research note on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective for the company. Bank of America raised their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Intuit has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Insider Activity at Intuit

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 transaction of $1,941,811.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandeep Aujla sold 775 shares of Intuit 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 sale, the chief financial officer now owns 4,451 shares in the company, valued at approximately $2,676,430.81. This represents a 14.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,265 shares of company stock worth $35,200,125 in the last ninety days. 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.