ShawSpring Partners LLC Sells 18,225 Shares of Intuit Inc. (NASDAQ:INTU)

ShawSpring Partners LLC trimmed its stake in shares of Intuit Inc. (NASDAQ:INTU) by 14.6% in the third quarter, Holdings Channel reports. The fund owned 106,952 shares of the software maker’s stock after selling 18,225 shares during the period. Intuit accounts for about 8.4% of ShawSpring Partners LLC’s portfolio, making the stock its 9th biggest position. ShawSpring Partners LLC’s holdings in Intuit were worth $66,417,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of INTU. LGT Financial Advisors LLC purchased a new stake in shares of Intuit in the second quarter valued at approximately $25,000. Cultivar Capital Inc. purchased a new stake in Intuit during the second quarter worth about $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit during the 2nd quarter valued at approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of Intuit in the 3rd quarter worth approximately $27,000. Finally, Hobbs Group Advisors LLC acquired a new position in Intuit during the second quarter worth $35,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Up 0.7 %

INTU opened at $638.83 on Wednesday. The company has a market cap of $178.90 billion, a PE ratio of 62.02, a price-to-earnings-growth ratio of 3.14 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a 1 year low of $557.29 and a 1 year high of $714.78. The firm has a 50 day moving average price of $634.46 and a 200 day moving average price of $631.29.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.14. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 earnings per share. Sell-side analysts expect that Intuit Inc. will post 14.05 earnings per share for the current year.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Thursday, January 9th. Intuit’s payout ratio is 40.39%.

Analyst Upgrades and Downgrades

INTU has been the subject of several research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $760.00 price target on shares of Intuit in a research note on Friday, November 22nd. Scotiabank assumed coverage on shares of Intuit in a research report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target on the stock. BMO Capital Markets lifted their price objective on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Morgan Stanley raised their price target on Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Finally, Jefferies Financial Group boosted their price target on Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the completion of the transaction, the chief financial officer now owns 452 shares in the company, valued at $279,010.56. This represents a 89.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 55,265 shares of company stock worth $35,200,125. 2.90% of the stock is currently owned by corporate insiders.

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.