New York Life Investment Management LLC Decreases Stock Position in Intuit Inc. (NASDAQ:INTU)

New York Life Investment Management LLC decreased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,214 shares of the software maker’s stock after selling 235 shares during the quarter. New York Life Investment Management LLC’s holdings in Intuit were worth $27,743,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. LGT Financial Advisors LLC purchased a new stake in shares of Intuit during the second quarter worth approximately $25,000. Cultivar Capital Inc. purchased a new stake in shares of Intuit in the 2nd quarter valued at approximately $26,000. West Branch Capital LLC raised its holdings in shares of Intuit by 79.2% in the 1st quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after purchasing an additional 19 shares in the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Intuit during the 2nd quarter worth $35,000. Finally, Sachetta LLC acquired a new position in shares of Intuit during the fourth quarter worth $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Performance

NASDAQ INTU opened at $615.12 on Friday. The firm has a market cap of $171.95 billion, a P/E ratio of 56.75, a P/E/G ratio of 3.08 and a beta of 1.23. Intuit Inc. has a 52-week low of $473.56 and a 52-week high of $676.62. The business’s 50-day moving average price is $638.42 and its 200 day moving average price is $632.43. The company has a quick ratio of 1.50, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion for 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 company’s revenue was up 17.4% on a year-over-year basis. During the same period last year, the business posted $0.40 EPS. On average, equities research analysts expect that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is presently 38.38%.

Insider Transactions at Intuit

In other 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 transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $567.75, for a total value of $42,581,250.00. Following the transaction, the insider now directly 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. In the last quarter, insiders sold 116,308 shares of company stock worth $67,651,926. Company insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on INTU shares. BMO Capital Markets raised their price target on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Susquehanna reissued a “positive” rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Royal Bank of Canada assumed coverage on Intuit in a report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price target for the company. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Finally, Barclays reduced their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $720.37.

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.