Triasima Portfolio Management inc. Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Triasima Portfolio Management inc. cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 62.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 403 shares of the software maker’s stock after selling 671 shares during the quarter. Triasima Portfolio Management inc.’s holdings in Intuit were worth $265,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Aveo Capital Partners LLC acquired a new position in shares of Intuit in the fourth quarter valued at about $203,000. 9258 Wealth Management LLC boosted its position in Intuit by 29.0% in the fourth quarter. 9258 Wealth Management LLC now owns 650 shares of the software maker’s stock valued at $406,000 after buying an additional 146 shares during the last quarter. Gryphon Financial Partners LLC increased its holdings in Intuit by 31.6% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,635 shares of the software maker’s stock worth $1,022,000 after buying an additional 393 shares during the period. JFS Wealth Advisors LLC raised its position in Intuit by 1.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,564 shares of the software maker’s stock worth $978,000 after buying an additional 16 shares during the last quarter. Finally, Jump Financial LLC lifted its stake in Intuit by 108.0% during the 4th quarter. Jump Financial LLC now owns 1,562 shares of the software maker’s stock valued at $976,000 after acquiring an additional 811 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $567.75, for a total value of $42,581,250.00. Following the transaction, the insider now directly owns 6,626,721 shares in the company, valued at approximately $3,762,320,847.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Scott D. Cook sold 27,309 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the completion of the sale, the insider now directly owns 6,524,412 shares of the company’s stock, valued at approximately $3,870,020,221.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $567.75, for a total transaction of $42,581,250.00. Following the completion of the sale, the insider now owns 6,626,721 shares in the company, valued at $3,762,320,847.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 116,308 shares of company stock worth $67,651,926. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

INTU has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research report on Tuesday, May 21st. Piper Sandler reissued an “overweight” rating and issued a $768.00 price objective (up previously from $760.00) on shares of Intuit in a report on Friday, August 23rd. Jefferies Financial Group raised their target price on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. UBS Group boosted their price target on Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a report on Monday, May 20th. Finally, JPMorgan Chase & Co. raised their price objective 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. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $720.37.

Intuit Price Performance

Shares of INTU traded down $6.36 during mid-day trading on Friday, hitting $615.12. 999,734 shares of the company were exchanged, compared to its average volume of 1,330,498. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.50 and a current ratio of 1.29. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The stock has a market cap of $171.95 billion, a price-to-earnings ratio of 56.75, a price-to-earnings-growth ratio of 3.08 and a beta of 1.24. The company has a 50 day moving average of $638.42 and a 200-day moving average of $632.34.

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, topping analysts’ consensus estimates of $1.85 by $0.14. The business 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 company’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 earnings per share. Analysts expect that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is currently 38.38%.

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.