Harfst & Associates Inc. Decreases Stock Position in Intuit Inc. (NASDAQ:INTU)

Harfst & Associates Inc. decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 1.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 4,441 shares of the software maker’s stock after selling 46 shares during the period. Intuit makes up approximately 0.6% of Harfst & Associates Inc.’s investment portfolio, making the stock its 29th largest holding. Harfst & Associates Inc.’s holdings in Intuit were worth $2,758,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC lifted its position in Intuit by 940.4% during the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock worth $205,186,000 after acquiring an additional 285,328 shares during the period. Vanguard Group Inc. boosted its position in Intuit by 1.1% in the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after buying an additional 283,291 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in Intuit in the 2nd quarter worth approximately $184,982,000. Ameriprise Financial Inc. raised its position in Intuit by 17.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after buying an additional 238,486 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Intuit by 21.3% during the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock valued at $633,766,000 after acquiring an additional 169,190 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Price Performance

Shares of INTU stock traded up $4.06 on Friday, reaching $613.29. 1,299,488 shares of the company were exchanged, compared to its average volume of 1,324,761. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The business has a 50-day moving average price of $630.40 and a 200 day moving average price of $627.53. The company has a market cap of $171.44 billion, a price-to-earnings ratio of 56.58, a P/E/G ratio of 3.04 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. Intuit’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 EPS. Equities research analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

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

Analysts Set New Price Targets

INTU has been the topic of a number of research reports. Royal Bank of Canada initiated coverage on shares of Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective on the stock. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Piper Sandler reaffirmed an “overweight” rating and set a $768.00 target price on shares of Intuit in a report on Friday, September 27th. Finally, Stifel Nicolaus lifted their price target on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $735.71.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the sale, the insider now directly owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sandeep Aujla sold 862 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,297 shares of company stock worth $35,220,046. Corporate insiders own 2.90% of the company’s stock.

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.