Cornerstone Advisors LLC Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

Cornerstone Advisors LLC lowered its position in shares of Intuit Inc. (NASDAQ:INTUFree Report) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,200 shares of the software maker’s stock after selling 800 shares during the period. Cornerstone Advisors LLC’s holdings in Intuit were worth $8,277,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of INTU. NewSquare Capital LLC bought a new position in shares of Intuit in the 3rd quarter worth about $25,000. Cape Investment Advisory Inc. bought a new stake in Intuit during the 3rd quarter valued at about $26,000. Steward Financial Group LLC increased its stake in Intuit by 50.0% during the 3rd quarter. Steward Financial Group LLC now owns 60 shares of the software maker’s stock valued at $30,000 after purchasing an additional 20 shares in the last quarter. Aspire Private Capital LLC increased its stake in Intuit by 144.4% during the 3rd quarter. Aspire Private Capital LLC now owns 66 shares of the software maker’s stock valued at $34,000 after purchasing an additional 39 shares in the last quarter. Finally, Key Financial Inc increased its stake in Intuit by 95.1% during the 2nd quarter. Key Financial Inc now owns 80 shares of the software maker’s stock valued at $37,000 after purchasing an additional 39 shares in the last quarter. 82.63% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Sasan K. Goodarzi sold 93,641 shares of the company’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $569.02, for a total value of $53,283,601.82. Following the transaction, the chief executive officer now owns 65,324 shares in the company, valued at approximately $37,170,662.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Sasan K. Goodarzi sold 93,641 shares of the stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $569.02, for a total transaction of $53,283,601.82. Following the sale, the chief executive officer now owns 65,324 shares in the company, valued at approximately $37,170,662.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Raul Vazquez sold 1,631 shares of the stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $622.92, for a total transaction of $1,015,982.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 124,815 shares of company stock valued at $71,849,903. 2.90% of the stock is owned by company insiders.

Intuit Trading Up 0.1 %

INTU traded up $0.74 during trading on Monday, reaching $658.90. 322,765 shares of the company’s stock were exchanged, compared to its average volume of 1,106,166. Intuit Inc. has a fifty-two week low of $384.05 and a fifty-two week high of $662.83. The firm has a market capitalization of $184.43 billion, a PE ratio of 71.93, a P/E/G ratio of 3.96 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.25 and a current ratio of 1.25. The company’s fifty day moving average price is $615.68 and its 200-day moving average price is $555.87.

Intuit (NASDAQ:INTUGet Free Report) last posted its quarterly earnings data on Tuesday, November 28th. The software maker reported $2.47 EPS for the quarter, beating the consensus estimate of $1.98 by $0.49. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.88 billion. Intuit had a net margin of 17.53% and a return on equity of 17.34%. The firm’s revenue was up 14.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 EPS. As a group, equities analysts forecast that Intuit Inc. will post 11.26 EPS for the current year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 18th. Stockholders of record on Wednesday, January 10th were issued a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, January 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.55%. Intuit’s payout ratio is 39.34%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $642.00 price target on shares of Intuit in a report on Wednesday, November 29th. Barclays boosted their price objective on shares of Intuit from $570.00 to $660.00 and gave the company an “overweight” rating in a research report on Wednesday, November 29th. Wells Fargo & Company upped their price objective on shares of Intuit from $575.00 to $615.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 29th. JPMorgan Chase & Co. upped their price objective on shares of Intuit from $410.00 to $470.00 and gave the company a “neutral” rating in a report on Monday, November 27th. Finally, BMO Capital Markets raised their price objective on shares of Intuit from $605.00 to $640.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 29th. Four equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus target price of $594.67.

Read Our Latest Stock Report on Intuit

About Intuit

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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