Trading Report: The North Star Asset Management Inc. Cuts Position in Intuit Inc. (INTU)

The North Star Asset Management Inc. Cuts Position in Intuit Inc. (INTU)

North Star Asset Management Inc. decreased its position in Intuit Inc. (NASDAQ:INTU) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,635 shares of the company’s stock after selling 260 shares during the period. North Star Asset Management Inc.’s holdings in Intuit were worth $6,879,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its stake in Intuit by 0.8% in the second quarter. Advisory Services Network LLC now owns 5,413 shares of the company’s stock worth $604,000 after buying an additional 41 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in Intuit by 2.5% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 2,093 shares of the company’s stock worth $234,000 after buying an additional 51 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Intuit by 2.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,691 shares of the company’s stock worth $300,000 after buying an additional 60 shares during the last quarter. Whittier Trust Co. raised its stake in Intuit by 3.2% in the second quarter. Whittier Trust Co. now owns 3,217 shares of the company’s stock worth $359,000 after buying an additional 100 shares during the last quarter. Finally, Dynamic Advisors Solutions LLC raised its stake in Intuit by 1.6% in the second quarter. Dynamic Advisors Solutions LLC now owns 7,262 shares of the company’s stock worth $811,000 after buying an additional 111 shares during the last quarter. Hedge funds and other institutional investors own 86.01% of the company’s stock.

Shares of Intuit Inc. (NASDAQ:INTU) traded up 0.38% on Friday, hitting $107.21. The stock had a trading volume of 489,036 shares. Intuit Inc. has a 12-month low of $88.17 and a 12-month high of $116.97. The firm has a market cap of $27.65 billion, a P/E ratio of 29.03 and a beta of 1.10. The company’s 50-day moving average price is $109.59 and its 200 day moving average price is $108.06.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Tuesday, August 23rd. The company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.10. The business had revenue of $754 million for the quarter, compared to analyst estimates of $735.35 million. Intuit had a return on equity of 80.75% and a net margin of 20.86%. Intuit’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.05) EPS. On average, equities research analysts forecast that Intuit Inc. will post $4.35 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 18th. Shareholders of record on Monday, October 10th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.27%. This is a positive change from Intuit’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, October 5th. Intuit’s dividend payout ratio (DPR) is presently 36.17%.

A number of equities analysts recently issued reports on the company. Brean Capital reaffirmed a “buy” rating on shares of Intuit in a report on Sunday, June 26th. Barclays PLC downgraded Intuit from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $110.00 to $116.00 in a report on Friday, July 15th. Zacks Investment Research downgraded Intuit from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $113.00 price target (up from $93.00) on shares of Intuit in a report on Monday, August 15th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $750.00 price target on shares of Intuit in a report on Friday, July 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. Intuit presently has a consensus rating of “Buy” and a consensus target price of $194.34.

In other news, CFO R Neil Williams sold 6,636 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $110.06, for a total value of $730,358.16. Following the transaction, the chief financial officer now directly owns 4,727 shares in the company, valued at approximately $520,253.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Henry Tayloe Stansbury sold 11,503 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $111.47, for a total value of $1,282,239.41. Following the completion of the transaction, the executive vice president now owns 670 shares in the company, valued at $74,684.90. The disclosure for this sale can be found here. 5.50% of the stock is owned by company insiders.

About Intuit

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 Professional Tax. The Company operates in the United States, Canada, India, the United Kingdom, Singapore and Australia, among others.

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