Coastline Trust Co Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

Coastline Trust Co cut its holdings in Intuit Inc. (NASDAQ:INTU) by 5.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351 shares of the software maker’s stock after selling 20 shares during the period. Coastline Trust Co’s holdings in Intuit were worth $231,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Intech Investment Management LLC raised its stake in Intuit by 134.7% in the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after buying an additional 2,641 shares in the last quarter. Parnassus Investments LLC increased its position in shares of Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after purchasing an additional 727,185 shares in the last quarter. Maryland State Retirement & Pension System increased its position in shares of Intuit by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock worth $13,293,000 after purchasing an additional 226 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Intuit by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after purchasing an additional 1,990 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on INTU shares. Susquehanna lowered their price target on Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a report on Friday, May 24th. Morgan Stanley raised their price target on Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. KeyCorp raised their price target on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Stifel Nicolaus lowered their price target on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Finally, Royal Bank of Canada started coverage on Intuit in a report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $694.27.

Intuit Price Performance

Shares of NASDAQ:INTU traded up $1.59 during trading on Monday, hitting $631.79. 222,140 shares of the stock were exchanged, compared to its average volume of 1,321,448. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The company has a market cap of $176.61 billion, a PE ratio of 57.93, a P/E/G ratio of 3.14 and a beta of 1.23. The company has a fifty day moving average price of $624.76 and a two-hundred day moving average price of $633.70.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.65 billion. During the same period in the previous year, the firm posted $7.80 EPS. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, analysts forecast that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 18th. Investors of record on Wednesday, July 10th were given a dividend of $0.90 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $3.60 annualized dividend and a dividend yield of 0.57%. Intuit’s dividend payout ratio is currently 33.21%.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 1,415 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the transaction, the chief financial officer now directly owns 2,332 shares in the company, valued at approximately $1,409,880.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Intuit news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the transaction, the executive vice president now directly owns 869 shares in the company, valued at approximately $525,380.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 1,415 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the transaction, the chief financial officer now owns 2,332 shares of the company’s stock, valued at $1,409,880.56. The disclosure for this sale can be found here. Insiders sold 195,963 shares of company stock worth $114,442,445 in the last ninety days. 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.