Spinnaker Trust Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

Spinnaker Trust cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 4.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,214 shares of the software maker’s stock after selling 57 shares during the period. Spinnaker Trust’s holdings in Intuit were worth $754,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of INTU. LGT Financial Advisors LLC purchased a new position in shares of Intuit in the second quarter worth approximately $25,000. Cultivar Capital Inc. bought a new position in Intuit in the second quarter worth approximately $26,000. Fairway Wealth LLC purchased a new position in shares of Intuit during the 2nd quarter worth $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Intuit during the 3rd quarter valued at $27,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Intuit in the 2nd quarter worth $35,000. 83.66% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Sandeep Aujla sold 775 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the transaction, the chief financial officer now owns 4,451 shares in the company, valued at approximately $2,676,430.81. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the sale, the executive vice president now directly owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the sale, the chief financial officer now directly owns 4,451 shares in the company, valued at approximately $2,676,430.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock valued at $35,220,046 over the last ninety days. 2.90% of the stock is currently owned by insiders.

Intuit Stock Performance

Shares of NASDAQ:INTU opened at $648.39 on Thursday. The company has a market capitalization of $181.74 billion, a price-to-earnings ratio of 62.05, a price-to-earnings-growth ratio of 3.03 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. Intuit Inc. has a 52 week low of $506.97 and a 52 week high of $676.62. The firm has a 50 day moving average of $623.43 and a 200 day moving average of $626.96.

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 company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. Intuit’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.40 earnings per share. On average, sell-side analysts predict that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were paid a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.64%. Intuit’s dividend payout ratio (DPR) is 39.81%.

Analyst Ratings Changes

Several equities analysts recently weighed in on INTU shares. Bank of America lifted their target price on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Susquehanna reaffirmed a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. JPMorgan Chase & Co. upped their price target on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and set a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Finally, Jefferies Financial Group raised their price objective on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

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.