Veritas Investment Management LLP Reduces Stake in Intuit Inc. (INTU)

Veritas Investment Management LLP decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 46.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,975 shares of the software maker’s stock after selling 2,617 shares during the quarter. Intuit comprises about 0.1% of Veritas Investment Management LLP’s portfolio, making the stock its 28th biggest holding. Veritas Investment Management LLP’s holdings in Intuit were worth $423,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. FineMark National Bank & Trust boosted its position in shares of Intuit by 0.4% during the 2nd quarter. FineMark National Bank & Trust now owns 2,716 shares of the software maker’s stock valued at $361,000 after acquiring an additional 11 shares during the last quarter. Cue Financial Group Inc. lifted its position in Intuit by 0.3% in the second quarter. Cue Financial Group Inc. now owns 7,004 shares of the software maker’s stock valued at $930,000 after buying an additional 20 shares during the last quarter. Wetherby Asset Management Inc. lifted its position in Intuit by 0.4% in the second quarter. Wetherby Asset Management Inc. now owns 7,040 shares of the software maker’s stock valued at $935,000 after buying an additional 27 shares during the last quarter. Bank of Hawaii lifted its position in Intuit by 1.2% in the second quarter. Bank of Hawaii now owns 2,509 shares of the software maker’s stock valued at $333,000 after buying an additional 30 shares during the last quarter. Finally, TCI Wealth Advisors Inc. lifted its position in Intuit by 0.6% in the second quarter. TCI Wealth Advisors Inc. now owns 5,592 shares of the software maker’s stock valued at $743,000 after buying an additional 36 shares during the last quarter. 86.10% of the stock is owned by institutional investors and hedge funds.

In other Intuit news, EVP Sasan K. Goodarzi sold 98,901 shares of the stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $135.22, for a total value of $13,373,393.22. Following the transaction, the executive vice president now directly owns 7,801 shares in the company, valued at $1,054,851.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Scott D. Cook sold 182,037 shares of the stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $135.20, for a total transaction of $24,611,402.40. The disclosure for this sale can be found here. Insiders sold 1,084,194 shares of company stock worth $151,162,540 over the last quarter. 5.70% of the stock is currently owned by insiders.

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Intuit Inc. (NASDAQ INTU) traded up $1.59 during mid-day trading on Tuesday, hitting $154.89. 1,091,300 shares of the company were exchanged, compared to its average volume of 1,478,152. The stock has a market capitalization of $39,087.44, a price-to-earnings ratio of 40.66, a price-to-earnings-growth ratio of 2.70 and a beta of 1.18. Intuit Inc. has a 12-month low of $109.92 and a 12-month high of $155.37. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.73 and a quick ratio of 0.73.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.03. The company had revenue of $842.00 million for the quarter, compared to analyst estimates of $808.82 million. Intuit had a net margin of 18.76% and a return on equity of 82.43%. The firm’s revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 earnings per share. sell-side analysts forecast that Intuit Inc. will post 4.03 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 10th were paid a $0.39 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.01%. The ex-dividend date was Friday, October 6th. Intuit’s dividend payout ratio is currently 41.94%.

A number of research analysts have commented on INTU shares. Wells Fargo & Company raised shares of Intuit from a “market perform” rating to an “outperform” rating and set a $163.00 target price on the stock in a research report on Thursday, September 21st. Raymond James Financial, Inc. cut shares of Intuit from a “market perform” rating to an “underperform” rating in a research report on Wednesday, September 27th. First Analysis raised shares of Intuit from an “underweight” rating to an “equal weight” rating and set a $128.00 target price on the stock in a research report on Wednesday, August 23rd. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $141.00 target price on shares of Intuit in a research report on Thursday, August 24th. Finally, William Blair assumed coverage on shares of Intuit in a research report on Tuesday, September 19th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. Intuit currently has an average rating of “Hold” and a consensus target price of $144.74.

Intuit Profile

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 ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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