Intuit Inc. (NASDAQ:INTU) Position Cut by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV lowered its stake in Intuit Inc. (NASDAQ:INTU) by 5.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 332 shares of the software maker’s stock after selling 20 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Intuit were worth $218,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Intech Investment Management LLC increased its position in Intuit by 134.7% in the 1st quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after buying an additional 2,641 shares during the period. Parnassus Investments LLC boosted its stake in Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after purchasing an additional 727,185 shares in the last quarter. Maryland State Retirement & Pension System lifted its stake in shares of Intuit by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock valued at $13,293,000 after acquiring an additional 226 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Intuit by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock valued at $112,381,000 after acquiring an additional 1,990 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity

In other news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $567.75, for a total value of $42,581,250.00. Following the completion of the sale, the insider now directly owns 6,626,721 shares of the company’s stock, valued at $3,762,320,847.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Scott D. Cook sold 27,309 shares of Intuit stock in a transaction that occurred on 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $567.75, for a total value of $42,581,250.00. Following the sale, the insider now directly owns 6,626,721 shares of the company’s stock, valued at $3,762,320,847.75. The disclosure for this sale can be found here. Insiders sold a total of 104,367 shares of company stock valued at $60,118,991 over the last three months. Insiders own 2.90% of the company’s stock.

Intuit Stock Up 1.2 %

Shares of NASDAQ:INTU traded up $7.46 during mid-day trading on Friday, reaching $630.26. 2,069,050 shares of the stock were exchanged, compared to its average volume of 1,338,575. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The company has a market cap of $176.19 billion, a P/E ratio of 58.14, a P/E/G ratio of 3.14 and a beta of 1.23. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. The stock’s 50 day simple moving average is $640.17 and its 200-day simple moving average is $633.70.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the firm posted $0.40 earnings per share. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. As a group, equities research analysts predict that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.66%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on INTU. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research note on Friday, June 14th. UBS Group upped their price target on Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research note on Monday, May 20th. Bank of America upped their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Jefferies Financial Group upped their price target on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Royal Bank of Canada began coverage on Intuit in a report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $716.35.

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.