Covington Capital Management cut its stake in Intuit Inc. (NASDAQ:INTU) by 2.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,123 shares of the software maker’s stock after selling 1,875 shares during the period. Covington Capital Management’s holdings in Intuit were worth $9,579,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in INTU. Captrust Financial Advisors bought a new position in shares of Intuit in the second quarter worth about $108,000. Guardian Life Insurance Co. of America raised its stake in shares of Intuit by 0.5% during the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock worth $109,000 after buying an additional 5 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new stake in shares of Intuit during the second quarter worth approximately $123,000. Johnson Financial Group Inc. raised its stake in shares of Intuit by 5.8% during the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock worth $126,000 after buying an additional 59 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Intuit during the second quarter worth approximately $140,000. 85.96% of the stock is owned by institutional investors.
Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Tuesday, August 22nd. The software maker reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. Intuit had a return on equity of 82.43% and a net margin of 18.76%. The business had revenue of $842.00 million for the quarter, compared to analysts’ expectations of $808.82 million. During the same period in the previous year, the business posted $0.08 EPS. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Tuesday, October 10th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 6th. This is a boost from Intuit’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.07%. Intuit’s dividend payout ratio is currently 41.94%.
In related news, EVP Henry Tayloe Stansbury sold 5,350 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $140.25, for a total transaction of $750,337.50. Following the completion of the transaction, the executive vice president now owns 6,242 shares in the company, valued at $875,440.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Mark J. Flournoy sold 1,868 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $142.31, for a total value of $265,835.08. Following the transaction, the vice president now owns 1,713 shares of the company’s stock, valued at approximately $243,777.03. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,084,194 shares of company stock worth $151,162,540. Company insiders own 5.70% of the company’s stock.
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A number of research firms recently weighed in on INTU. Citigroup Inc. downgraded shares of Intuit from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $148.00 to $141.00 in a research note on Monday, June 26th. Royal Bank Of Canada reissued a “hold” rating and set a $141.00 price target on shares of Intuit in a research note on Thursday, August 24th. First Analysis raised shares of Intuit from an “underweight” rating to an “equal weight” rating and set a $128.00 price target for the company in a research note on Wednesday, August 23rd. Argus began coverage on shares of Intuit in a research note on Wednesday, September 20th. They set a “buy” rating and a $165.00 price target for the company. Finally, William Blair began coverage on shares of Intuit in a research note on Tuesday, September 19th. They set an “outperform” rating for the company. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $142.74.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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