Intuit Inc. (INTU) Shares Sold by Chesley Taft & Associates LLC
Chesley Taft & Associates LLC reduced its holdings in Intuit Inc. (NASDAQ:INTU) by 5.2% during the third quarter, Holdings Channel reports. The fund owned 5,466 shares of the software maker’s stock after selling 300 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Intuit were worth $1,243,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Dynamic Advisor Solutions LLC boosted its holdings in shares of Intuit by 4.2% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 6,480 shares of the software maker’s stock worth $1,325,000 after purchasing an additional 262 shares in the last quarter. Zacks Investment Management boosted its holdings in shares of Intuit by 0.4% in the 2nd quarter. Zacks Investment Management now owns 60,914 shares of the software maker’s stock worth $12,445,000 after purchasing an additional 264 shares in the last quarter. Global Financial Private Capital LLC boosted its holdings in shares of Intuit by 7.8% in the 2nd quarter. Global Financial Private Capital LLC now owns 3,725 shares of the software maker’s stock worth $761,000 after purchasing an additional 271 shares in the last quarter. Creative Planning boosted its holdings in shares of Intuit by 3.1% in the 2nd quarter. Creative Planning now owns 9,185 shares of the software maker’s stock worth $1,877,000 after purchasing an additional 275 shares in the last quarter. Finally, Traynor Capital Management Inc. boosted its holdings in shares of Intuit by 16.9% in the 2nd quarter. Traynor Capital Management Inc. now owns 1,940 shares of the software maker’s stock worth $398,000 after purchasing an additional 281 shares in the last quarter. Institutional investors and hedge funds own 87.03% of the company’s stock.
In related news, Director Dennis D. Powell sold 4,554 shares of the stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $215.05, for a total transaction of $979,337.70. Following the completion of the sale, the director now directly owns 4,083 shares in the company, valued at approximately $878,049.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brad D. Smith sold 254,325 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $227.66, for a total value of $57,899,629.50. Following the completion of the sale, the chief executive officer now owns 415,445 shares of the company’s stock, valued at approximately $94,580,208.70. The disclosure for this sale can be found here. Insiders have sold a total of 622,236 shares of company stock valued at $137,883,071 over the last 90 days. 5.59% of the stock is currently owned by company insiders.
Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 23rd. The software maker reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.09. The company had revenue of $988.00 million during the quarter, compared to analysts’ expectations of $952.67 million. Intuit had a return on equity of 67.39% and a net margin of 20.31%. Intuit’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.20 EPS. As a group, equities research analysts expect that Intuit Inc. will post 5.23 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 18th. Investors of record on Wednesday, October 10th will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, October 9th. This is a boost from Intuit’s previous quarterly dividend of $0.39. This represents a $1.88 annualized dividend and a yield of 0.89%. Intuit’s dividend payout ratio is currently 41.50%.
A number of research firms have recently issued reports on INTU. Deutsche Bank began coverage on Intuit in a report on Monday, October 8th. They issued a “buy” rating and a $265.00 price objective for the company. Zacks Investment Research upgraded Intuit from a “hold” rating to a “buy” rating and set a $243.00 price objective for the company in a report on Tuesday, August 28th. Citigroup upped their price objective on Intuit from $221.00 to $224.00 and gave the stock an “outperform” rating in a report on Friday, August 24th. Oppenheimer upped their price objective on Intuit from $206.00 to $224.00 and gave the stock an “outperform” rating in a report on Friday, August 24th. Finally, Barclays upped their price objective on Intuit from $194.00 to $204.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company. Intuit presently has an average rating of “Buy” and an average price target of $224.29.
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States and internationally. The company's Small Business segment provides small business payroll products and services, including QuickBooks Desktop software products, such as Desktop Pro, Desktop for Mac, Desktop Premier, and Enterprise; QuickBooks Basic Payroll and QuickBooks Enhanced Payroll; QuickBooks Point of Sale solutions; ProAdvisor Program memberships for accounting professionals; and financial supplies.
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