Adero Partners LLC Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Adero Partners LLC reduced its position in Intuit Inc. (NASDAQ:INTU) by 14.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,207 shares of the software maker’s stock after selling 380 shares during the quarter. Adero Partners LLC’s holdings in Intuit were worth $1,371,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. LGT Financial Advisors LLC purchased a new position in Intuit in the second quarter worth $25,000. Cultivar Capital Inc. purchased a new position in Intuit in the second quarter worth $26,000. Fairway Wealth LLC purchased a new position in Intuit in the second quarter worth $26,000. Northwest Investment Counselors LLC purchased a new position in Intuit in the third quarter worth $27,000. Finally, Hobbs Group Advisors LLC purchased a new position in Intuit in the second quarter worth $35,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Trading Down 1.8 %

Shares of NASDAQ:INTU opened at $687.87 on Friday. Intuit Inc. has a 52 week low of $552.68 and a 52 week high of $714.78. The company’s 50 day moving average is $633.08 and its two-hundred day moving average is $630.09. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a market cap of $192.80 billion, a PE ratio of 65.82, a P/E/G ratio of 3.36 and a beta of 1.25.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the firm posted $0.40 EPS. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities analysts predict that Intuit Inc. will post 14.05 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. Shareholders of record on Thursday, October 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.60%. Intuit’s dividend payout ratio is currently 39.81%.

Analyst Ratings Changes

INTU has been the topic of several analyst reports. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Stifel Nicolaus lifted their price objective on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Barclays lifted their price objective on shares of Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Intuit has an average rating of “Moderate Buy” and an average target price of $739.24.

Insider Buying and Selling at Intuit

In related news, CFO Sandeep Aujla sold 775 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the transaction, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This trade represents a 14.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the transaction, the executive vice president now directly owns 52,038 shares in the company, valued at $33,427,129.68. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,297 shares of company stock valued at $35,220,046. 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.