Proficio Capital Partners LLC Reduces Stake in Intuit Inc.

Proficio Capital Partners LLC reduced its investment in Intuit Inc. (NASDAQ:INTU) by 47.3% in the third quarter, based on the latest report submitted to the Securities and Exchange Commission. Following the sale of 851 shares, the institutional investor now holds 947 shares of the well-known software company, representing an investment value of $588,000.

Several other institutional investors have also made changes to their stakes in Intuit. Atria Investments Inc. increased its position by 3.0%, now owning 28,213 shares worth $17,520,000 after buying 821 additional shares. Meanwhile, First Personal Financial Services raised its share count by 9.0%, currently holding 5,361 shares valued at $3,329,000, a gain of 444 shares. Oxbow Advisors LLC also adjusted its stake, increasing it by 16.3% to own 520 shares worth $323,000 after adding 73 shares.

Assetmark Inc. raised its investment in Intuit by 10.9%, now having 62,095 shares valued at $38,561,000 following a purchase of 6,098 shares. Additionally, CWA Asset Management Group LLC entered a new investment in Intuit, reflecting a value of around $9,233,000. Notably, institutional investors and hedge funds together own 83.66% of Intuit's outstanding shares.

Intuit's Market Performance

As of Friday, shares of NASDAQ INTU traded at $684.22, giving Intuit a market capitalization of $191.78 billion. The company has a price-to-earnings (PE) ratio of 65.48, a price-to-earnings growth (PEG) ratio of 3.17, and a beta of 1.25, indicating a slightly higher volatility compared to the market. Intuit shows a current ratio and quick ratio of 1.29 each, indicating a balanced short-term financial position, and has a debt-to-equity ratio of 0.30.

Intuit’s stock has fluctuated significantly over the past year, with a low of $513.97 and a high of $688.88. The fifty-day moving average stands at $625.54 while the 200-day moving average is $627.81.

Recent Earnings Report

On August 22nd, Intuit published its latest earnings results. The company reported earnings per share (EPS) of $1.99 for the quarter, surpassing analysts' expectations of $1.85 by a margin of $0.14. Revenue reached $3.18 billion, exceeding the estimated $3.08 billion. Intuit achieved a net margin of 18.19% and a return on equity of 18.64%. In comparison to the previous year, the revenue grew by 17.4%, while the EPS for the same quarter last year was just $0.40. Analysts anticipate that Intuit will post EPS of 14.04 for the current fiscal year.

Dividend Announcement

Recently, Intuit declared a quarterly dividend, which was distributed on October 18th. Shareholders recorded as of October 10th received a dividend payment of $1.04 per share, an increase from the previous $0.90 dividend. This change results in an annualized dividend of $4.16, yielding 0.61%. Currently, Intuit's payout ratio is 39.81%.

Analyst Ratings Updates

Recently, various analysts have updated their ratings for Intuit's stock. Bank of America raised its target price from $730.00 to $780.00, assigning a "buy" rating. StockNews.com upgraded its rating from "hold" to "buy" on September 30th. Piper Sandler maintained an "overweight" rating with a target price of $768.00. Conversely, Morgan Stanley downgraded Intuit from "overweight" to "equal weight," adjusting its target price down to $685.00. Additionally, Jefferies Financial Group increased its target from $770.00 to $790.00, affirming its "buy" rating. In total, four analysts have rated the stock as "hold" while fifteen have given it a "buy" rating, leading to a consensus rating of "Moderate Buy" with an average price target of $735.71.

Insider Transactions

In related news, Intuit's Executive Vice President, Alex G. Balazs, sold 2,941 shares on September 10th at an average price of $628.76, totaling $1,849,183.16. After this transaction, he holds 20 shares valued at $12,575.20. Another transaction recorded involved CFO Sandeep Aujla, who sold 775 shares on October 3rd for approximately $466,015.25 and currently owns 4,451 shares valued at $2,676,430.81. Insiders have sold a total of 55,297 shares, amounting to a value of $35,220,046 over the past three months, with corporate insiders holding approximately 2.90% of stock ownership.

Intuit Overview

Intuit Inc. delivers a range of financial management and compliance products and services tailored for consumers, small enterprises, self-employed individuals, and accounting professionals both domestically and internationally. The company is divided into four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.

Investment, Shares, Earnings