Cornerstone Advisors LLC Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Cornerstone Advisors LLC lowered its stake in Intuit Inc. (NASDAQ:INTU) by 5.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,100 shares of the software maker’s stock after selling 800 shares during the quarter. Cornerstone Advisors LLC’s holdings in Intuit were worth $9,267,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. LGT Financial Advisors LLC bought a new stake in shares of Intuit in the second quarter worth about $25,000. Cultivar Capital Inc. purchased a new stake in Intuit in the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Intuit in the 2nd quarter worth approximately $35,000. Sachetta LLC purchased a new position in shares of Intuit during the fourth quarter valued at approximately $39,000. Finally, J.Safra Asset Management Corp purchased a new position in shares of Intuit during the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Citigroup lifted their price target on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. KeyCorp increased their price target on shares of Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. JPMorgan Chase & Co. lifted their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Finally, UBS Group increased their target price on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research report on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction that occurred on 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 transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Intuit news, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the sale, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction 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 transaction, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,940 shares of company stock worth $10,721,252. Company insiders own 2.90% of the company’s stock.

Intuit Trading Up 1.4 %

Shares of NASDAQ INTU opened at $655.31 on Monday. The firm’s 50 day moving average price is $636.63 and its 200-day moving average price is $631.56. Intuit Inc. has a 52-week low of $473.56 and a 52-week high of $676.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The company has a market cap of $183.68 billion, a PE ratio of 60.45, a P/E/G ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its quarterly earnings data 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. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the firm posted $0.40 EPS. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. On average, equities research analysts expect that Intuit Inc. will post 14.06 EPS for the current fiscal 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 given a $1.04 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.63%. Intuit’s payout ratio is 33.21%.

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.