K.J. Harrison & Partners Inc Sells 1,000 Shares of Intuit Inc. (NASDAQ:INTU)

K.J. Harrison & Partners Inc decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 66.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 500 shares of the software maker’s stock after selling 1,000 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Intuit were worth $329,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of INTU. Norges Bank bought a new stake in shares of Intuit in the 4th quarter valued at $2,101,848,000. Wellington Management Group LLP raised its stake in Intuit by 173.0% in the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Lone Pine Capital LLC bought a new position in Intuit in the 4th quarter worth approximately $467,852,000. Parnassus Investments LLC grew its position in shares of Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares in the last quarter. Finally, Capital World Investors increased its position in shares of Intuit by 54.7% during the fourth quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after buying an additional 416,099 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Trading Down 1.5 %

NASDAQ:INTU traded down $9.28 during mid-day trading on Wednesday, reaching $617.04. The company’s stock had a trading volume of 1,031,195 shares, compared to its average volume of 1,336,271. The stock has a market cap of $172.49 billion, a P/E ratio of 57.82, a P/E/G ratio of 3.14 and a beta of 1.23. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50. The company’s fifty day simple moving average is $639.56 and its two-hundred day simple moving average is $634.12.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The firm’s revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 EPS. On average, equities analysts predict that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.67%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is presently 33.21%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on INTU shares. Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. UBS Group raised their price target on Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a report on Monday, May 20th. JPMorgan Chase & Co. lifted their target price on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. KeyCorp boosted their target price on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Finally, BMO Capital Markets raised 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. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $716.35.

Insider Transactions at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the sale, the chief financial officer now owns 3,333 shares in the company, valued at approximately $2,170,682.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at $664,020. The disclosure for this sale can be found here. Over the last quarter, insiders sold 119,115 shares of company stock valued at $68,487,006. 2.90% of the stock is currently owned by corporate 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.