Kayne Anderson Rudnick Investment Management LLC Lowers Holdings in Intuit Inc. (NASDAQ:INTU)

Kayne Anderson Rudnick Investment Management LLC lowered its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 43,499 shares of the software maker’s stock after selling 1,780 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Intuit were worth $28,588,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in INTU. LGT Financial Advisors LLC purchased a new position in Intuit during the second quarter worth about $25,000. Cultivar Capital Inc. acquired a new position in Intuit during the 2nd quarter worth approximately $26,000. Fairway Wealth LLC acquired a new position in Intuit during the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Intuit during the 2nd quarter worth approximately $35,000. Finally, J.Safra Asset Management Corp acquired a new stake in shares of Intuit in the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on INTU. Piper Sandler reaffirmed an “overweight” rating and set a $768.00 price objective (up previously from $760.00) on shares of Intuit in a report on Friday, August 23rd. Royal Bank of Canada assumed coverage on shares of Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Bank of America raised their price objective on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Barclays lowered their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $720.37.

Insider Activity

In related news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at approximately $664,020. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the transaction, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at approximately $664,020. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,389 shares of company stock valued at $14,231,188. 2.90% of the stock is currently owned by company insiders.

Intuit Stock Performance

Shares of INTU stock opened at $644.99 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market capitalization of $180.31 billion, a P/E ratio of 59.50, a P/E/G ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The company’s fifty day moving average price is $636.82 and its two-hundred day moving average price is $631.24.

Intuit (NASDAQ:INTU) last posted its 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. 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%. The business’s revenue was up 17.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.40 earnings per share. On average, research analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.64%. 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%.

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.