Intuit Inc. (NASDAQ:INTU) Shares Sold by Balboa Wealth Partners

Balboa Wealth Partners lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 6.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 410 shares of the software maker’s stock after selling 30 shares during the quarter. Balboa Wealth Partners’ holdings in Intuit were worth $254,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Impax Asset Management Group plc raised its stake in Intuit by 27.2% in the 3rd quarter. Impax Asset Management Group plc now owns 22,248 shares of the software maker’s stock worth $13,816,000 after acquiring an additional 4,759 shares during the last quarter. ING Groep NV raised its stake in shares of Intuit by 114.1% in the third quarter. ING Groep NV now owns 94,903 shares of the software maker’s stock worth $58,935,000 after purchasing an additional 50,577 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Intuit by 3.9% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,843 shares of the software maker’s stock worth $4,871,000 after purchasing an additional 293 shares during the period. Metis Global Partners LLC boosted its position in Intuit by 1.8% in the third quarter. Metis Global Partners LLC now owns 15,346 shares of the software maker’s stock valued at $9,530,000 after buying an additional 271 shares during the last quarter. Finally, Aubrey Capital Management Ltd boosted its position in Intuit by 20.9% in the third quarter. Aubrey Capital Management Ltd now owns 8,100 shares of the software maker’s stock valued at $5,030,000 after buying an additional 1,400 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on INTU shares. Piper Sandler restated an “overweight” rating and set a $768.00 price objective on shares of Intuit in a research note on Friday, September 27th. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. JPMorgan Chase & Co. boosted their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Finally, Barclays upped their target price on Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average price target of $739.24.

Intuit Stock Performance

NASDAQ:INTU opened at $687.87 on Friday. The company has a market cap of $192.80 billion, a P/E ratio of 65.82, a P/E/G ratio of 3.45 and a beta of 1.25. Intuit Inc. has a twelve month low of $552.68 and a twelve month high of $714.78. The company’s 50-day moving average price is $631.62 and its 200-day moving average price is $629.71. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion for 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 business’s revenue was up 17.4% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. On average, sell-side analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were issued a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.60%. The ex-dividend date was Thursday, October 10th. Intuit’s dividend payout ratio is presently 39.81%.

Insider Transactions at Intuit

In other Intuit news, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $15,752,985.01. This trade represents a 30.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Sandeep Aujla sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the sale, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. This trade represents a 89.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock worth $35,220,046 in the last quarter. Company insiders own 2.90% of the company’s stock.

Intuit Company 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.