Avestar Capital LLC Lowers Holdings in Intuit Inc. (NASDAQ:INTU)

Avestar Capital LLC trimmed its position in shares of Intuit Inc. (NASDAQ:INTU) by 6.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,953 shares of the software maker’s stock after selling 276 shares during the quarter. Avestar Capital LLC’s holdings in Intuit were worth $2,455,000 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. Fisher Asset Management LLC boosted its position in shares of Intuit by 2.9% during the third quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock valued at $2,376,984,000 after buying an additional 107,482 shares during the last quarter. Legal & General Group Plc raised its position in Intuit by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after buying an additional 23,995 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Intuit by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker’s stock valued at $1,048,524,000 after acquiring an additional 26,914 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after acquiring an additional 238,486 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Intuit by 4.2% during the second quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock valued at $925,262,000 after purchasing an additional 56,370 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on INTU. JPMorgan Chase & Co. lifted their target price on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday. Stifel Nicolaus lowered their target price on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday. Susquehanna reissued a “positive” rating and issued a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Oppenheimer increased their price objective on shares of Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 price target on shares of Intuit in a research report on Friday. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $737.44.

Insider Buying and Selling at Intuit

In other news, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at $15,752,985.01. This represents a 30.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 4,000 shares of Intuit 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 owns 452 shares in the company, valued at approximately $279,010.56. The trade was a 89.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,265 shares of company stock valued at $35,200,125. 2.90% of the stock is owned by company insiders.

Intuit Stock Up 0.1 %

NASDAQ:INTU opened at $635.00 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The company has a 50-day moving average of $634.58 and a 200 day moving average of $631.24. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78. The firm has a market cap of $177.88 billion, a PE ratio of 61.61, a price-to-earnings-growth ratio of 3.13 and a beta of 1.25.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating the consensus estimate of $2.36 by $0.14. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.14 EPS. As a group, research analysts anticipate that Intuit Inc. will post 14.05 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 annualized dividend and a dividend yield of 0.66%. Intuit’s dividend payout ratio (DPR) is presently 40.39%.

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.