Forum Financial Management LP Sells 123 Shares of Intuit Inc. (NASDAQ:INTU)

Forum Financial Management LP trimmed its holdings in Intuit Inc. (NASDAQ:INTUGet Rating) by 11.7% in the 1st quarter, Holdings Channel reports. The fund owned 932 shares of the software maker’s stock after selling 123 shares during the quarter. Forum Financial Management LP’s holdings in Intuit were worth $448,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of INTU. Norges Bank bought a new position in Intuit during the fourth quarter valued at about $1,492,441,000. BlackRock Inc. increased its position in shares of Intuit by 7.1% during the fourth quarter. BlackRock Inc. now owns 25,129,120 shares of the software maker’s stock valued at $16,163,554,000 after purchasing an additional 1,664,393 shares during the period. Vanguard Group Inc. raised its stake in shares of Intuit by 6.4% in the first quarter. Vanguard Group Inc. now owns 24,068,193 shares of the software maker’s stock valued at $11,572,950,000 after purchasing an additional 1,446,489 shares in the last quarter. Sustainable Growth Advisers LP lifted its position in Intuit by 163.0% in the first quarter. Sustainable Growth Advisers LP now owns 1,621,832 shares of the software maker’s stock worth $779,842,000 after purchasing an additional 1,005,234 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in Intuit by 80.0% during the first quarter. Fisher Asset Management LLC now owns 2,165,797 shares of the software maker’s stock worth $1,041,402,000 after buying an additional 962,524 shares in the last quarter. Institutional investors and hedge funds own 83.31% of the company’s stock.

Insider Transactions at Intuit

In other Intuit news, CEO Sasan K. Goodarzi sold 22,250 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $463.21, for a total value of $10,306,422.50. Following the transaction, the chief executive officer now owns 60,208 shares of the company’s stock, valued at $27,888,947.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sasan K. Goodarzi sold 22,250 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $463.21, for a total transaction of $10,306,422.50. Following the completion of the transaction, the chief executive officer now owns 60,208 shares in the company, valued at $27,888,947.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP James Alexander Chriss sold 1,071 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $462.09, for a total transaction of $494,898.39. Following the completion of the sale, the executive vice president now owns 1,003 shares in the company, valued at $463,476.27. The disclosure for this sale can be found here. Insiders have sold 36,902 shares of company stock worth $16,251,640 in the last three months. Insiders own 3.27% of the company’s stock.

Intuit Stock Performance

INTU stock opened at $455.37 on Tuesday. The company has a 50 day moving average price of $437.37 and a 200 day moving average price of $431.55. Intuit Inc. has a fifty-two week low of $339.36 and a fifty-two week high of $716.86. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.39 and a quick ratio of 1.39. The stock has a market capitalization of $128.36 billion, a PE ratio of 62.81, a price-to-earnings-growth ratio of 3.10 and a beta of 1.19.

Intuit (NASDAQ:INTUGet Rating) last released its earnings results on Tuesday, August 23rd. The software maker reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.12. Intuit had a return on equity of 16.47% and a net margin of 16.23%. During the same quarter in the prior year, the company earned $1.28 earnings per share. Analysts forecast that Intuit Inc. will post 9.1 EPS for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 18th. Stockholders of record on Monday, October 10th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 0.69%. This is an increase from Intuit’s previous quarterly dividend of $0.68. Intuit’s dividend payout ratio is 37.52%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on INTU. Bank of America reduced their price objective on shares of Intuit from $650.00 to $530.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. Evercore ISI upped their price objective on Intuit from $500.00 to $601.00 and gave the company an “outperform” rating in a research note on Wednesday, August 24th. Barclays raised their target price on Intuit from $580.00 to $585.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 24th. Credit Suisse Group lowered their price target on Intuit from $600.00 to $500.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 25th. Finally, William Blair reissued an “outperform” rating on shares of Intuit in a report on Wednesday, May 25th. One analyst has rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $570.61.

Intuit Company Profile

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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 ProConnect.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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