Spinnaker Trust Lowers Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Spinnaker Trust reduced its position in Intuit Inc. (NASDAQ:INTU) by 4.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,214 shares of the software maker’s stock after selling 57 shares during the quarter. Spinnaker Trust’s holdings in Intuit were worth $754,000 at the end of the most recent quarter.

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

Intuit Trading Up 4.8 %

Shares of NASDAQ INTU opened at $648.39 on Thursday. Intuit Inc. has a 1 year low of $506.97 and a 1 year high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a 50-day moving average of $623.43 and a 200 day moving average of $626.96. The stock has a market cap of $181.74 billion, a P/E ratio of 62.05, a price-to-earnings-growth ratio of 3.03 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s revenue was up 17.4% on a year-over-year basis. During the same period last year, the business earned $0.40 earnings per share. As a group, sell-side analysts expect that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

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

Wall Street Analyst Weigh In

INTU has been the subject of several analyst reports. Jefferies Financial Group upped their price target on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus increased their target price on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. lifted their price target on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Finally, Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the sale, the chief financial officer now directly owns 452 shares of the company’s stock, valued at approximately $279,010.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the transaction, the chief financial officer now directly owns 452 shares of the company’s stock, valued at approximately $279,010.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at approximately $12,575.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 in the last quarter. 2.90% of the stock is owned by insiders.

About Intuit

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.