ARK Investment Management LLC Reduces Position in Intuit Inc. (NASDAQ:INTU)

ARK Investment Management LLC trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 1.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 64,900 shares of the software maker’s stock after selling 957 shares during the quarter. ARK Investment Management LLC’s holdings in Intuit were worth $40,564,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Glenview Trust co increased its position in shares of Intuit by 1.9% during the third quarter. Glenview Trust co now owns 1,031 shares of the software maker’s stock worth $527,000 after acquiring an additional 19 shares during the last quarter. Verity Asset Management Inc. increased its position in shares of Intuit by 2.5% during the third quarter. Verity Asset Management Inc. now owns 769 shares of the software maker’s stock worth $393,000 after acquiring an additional 19 shares during the last quarter. Steward Financial Group LLC increased its holdings in Intuit by 50.0% in the third quarter. Steward Financial Group LLC now owns 60 shares of the software maker’s stock valued at $30,000 after buying an additional 20 shares during the last quarter. Stratos Wealth Advisors LLC increased its holdings in Intuit by 0.9% in the third quarter. Stratos Wealth Advisors LLC now owns 2,240 shares of the software maker’s stock valued at $1,145,000 after buying an additional 20 shares during the last quarter. Finally, Hamilton Point Investment Advisors LLC increased its holdings in Intuit by 2.4% in the third quarter. Hamilton Point Investment Advisors LLC now owns 862 shares of the software maker’s stock valued at $440,000 after buying an additional 20 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Laura A. Fennell sold 14,771 shares of the business’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $589.60, for a total transaction of $8,708,981.60. Following the sale, the executive vice president now directly owns 50,030 shares of the company’s stock, valued at approximately $29,497,688. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Laura A. Fennell sold 14,772 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $598.52, for a total value of $8,841,337.44. Following the transaction, the executive vice president now directly owns 50,030 shares of the company’s stock, valued at $29,943,955.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Laura A. Fennell sold 14,771 shares of the company’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $589.60, for a total transaction of $8,708,981.60. Following the completion of the transaction, the executive vice president now directly owns 50,030 shares in the company, valued at $29,497,688. The disclosure for this sale can be found here. Insiders have sold a total of 34,260 shares of company stock valued at $20,667,475 in the last three months. 2.90% of the stock is currently owned by company insiders.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $648.74 on Thursday. Intuit Inc. has a one year low of $400.22 and a one year high of $671.01. The stock has a fifty day moving average of $645.76 and a 200-day moving average of $586.88. The company has a market capitalization of $181.65 billion, a PE ratio of 66.20, a price-to-earnings-growth ratio of 3.90 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.33. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the previous year, the business earned $1.05 EPS. The company’s revenue was up 11.3% on a year-over-year basis. As a group, equities analysts anticipate that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Tuesday, April 9th. Intuit’s dividend payout ratio (DPR) is currently 36.73%.

Analyst Ratings Changes

Several analysts recently weighed in on INTU shares. Citigroup boosted their price objective on Intuit from $565.00 to $651.00 and gave the company a “buy” rating in a report on Wednesday, November 29th. Oppenheimer boosted their price objective on Intuit from $678.00 to $712.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. KeyCorp boosted their price objective on Intuit from $700.00 to $720.00 and gave the company an “overweight” rating in a report on Wednesday. Susquehanna boosted their price objective on Intuit from $700.00 to $775.00 and gave the company a “positive” rating in a report on Friday, February 23rd. Finally, Barclays upped their target price on Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus target price of $645.00.

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.