Intuit Inc. (NASDAQ:INTU) Stock Holdings Decreased by RiverPark Advisors LLC

RiverPark Advisors LLC cut its holdings in Intuit Inc. (NASDAQ:INTU) by 9.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,663 shares of the software maker’s stock after selling 283 shares during the period. Intuit comprises approximately 1.4% of RiverPark Advisors LLC’s holdings, making the stock its 24th biggest position. RiverPark Advisors LLC’s holdings in Intuit were worth $1,654,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of research analysts have issued reports on INTU shares. Susquehanna reissued a “positive” rating and set a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Piper Sandler reissued an “overweight” rating and set a $768.00 target price on shares of Intuit in a research note on Friday, September 27th. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Bank of America upped their price target on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Finally, 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 note on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $739.24.

Intuit Stock Down 1.8 %

INTU stock opened at $687.87 on Friday. Intuit Inc. has a 52-week low of $552.68 and a 52-week high of $714.78. The company’s 50 day simple moving average is $633.08 and its 200-day simple moving average is $630.09. 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 market capitalization of $192.80 billion, a P/E ratio of 65.82, a P/E/G ratio of 3.36 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. The firm’s revenue was up 17.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Intuit Inc. will post 14.05 EPS for the current year.

Intuit Increases Dividend

The company 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 was Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.60%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is currently 39.81%.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. This represents a 18.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock worth $35,220,046 over the last 90 days. 2.90% of the stock is owned by company 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.