Stonebridge Capital Management Inc. Cuts Holdings in Intuit Inc. (NASDAQ:INTU)


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Stonebridge Capital Management Inc. lessened its stake in Intuit Inc. (NASDAQ:INTU) by 0.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 17,809 shares of the software maker’s stock after selling 65 shares during the quarter. Intuit makes up approximately 2.6% of Stonebridge Capital Management Inc.’s portfolio, making the stock its 12th biggest position. Stonebridge Capital Management Inc.’s holdings in Intuit were worth $6,822,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. MUFG Americas Holdings Corp grew its stake in Intuit by 1,600.0% in the 4th quarter. MUFG Americas Holdings Corp now owns 68 shares of the software maker’s stock worth $26,000 after buying an additional 64 shares in the last quarter. Clearview Wealth Advisors LLC purchased a new position in Intuit in the 4th quarter worth approximately $29,000. TRU Independence Asset Management 2 LLC purchased a new position in Intuit in the 4th quarter worth approximately $29,000. Encompass Wealth Advisors LLC purchased a new position in Intuit in the 4th quarter worth approximately $29,000. Finally, Concord Wealth Partners purchased a new position in Intuit in the 4th quarter worth approximately $37,000. 84.79% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:INTU traded up $8.45 during midday trading on Thursday, reaching $409.50. The company’s stock had a trading volume of 15,817 shares, compared to its average volume of 1,464,663. The firm has a 50 day moving average of $391.35 and a 200-day moving average of $365.48. The firm has a market capitalization of $112.14 billion, a P/E ratio of 53.83, a PEG ratio of 4.29 and a beta of 0.99. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 0.39. Intuit Inc. has a 12-month low of $240.38 and a 12-month high of $423.74.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Tuesday, February 23rd. The software maker reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.55. Intuit had a net margin of 25.10% and a return on equity of 40.29%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the firm posted $1.16 EPS. Intuit’s revenue for the quarter was down 7.1% on a year-over-year basis. On average, research analysts predict that Intuit Inc. will post 5.87 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 19th. Investors of record on Monday, April 12th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Friday, April 9th. Intuit’s dividend payout ratio (DPR) is 35.98%.

INTU has been the subject of a number of recent research reports. Citigroup boosted their price objective on shares of Intuit from $383.00 to $411.00 and gave the stock a “neutral” rating in a report on Friday, February 12th. Piper Sandler boosted their price objective on shares of Intuit from $458.00 to $470.00 and gave the stock an “overweight” rating in a report on Wednesday, March 3rd. KeyCorp boosted their price objective on shares of Intuit from $400.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, February 2nd. Wells Fargo & Company boosted their price objective on shares of Intuit from $440.00 to $450.00 and gave the stock an “overweight” rating in a report on Tuesday, March 2nd. Finally, Bank of America initiated coverage on shares of Intuit in a report on Thursday. They issued a “buy” rating for the company. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $426.05.

In related news, CFO Michelle M. Clatterbuck sold 2,253 shares of the stock in a transaction dated Tuesday, March 2nd. The shares were sold at an average price of $403.51, for a total transaction of $909,108.03. Following the sale, the chief financial officer now directly owns 4,293 shares of the company’s stock, valued at approximately $1,732,268.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Alexander Chriss sold 364 shares of the company’s stock in a transaction dated Thursday, February 25th. The shares were sold at an average price of $407.38, for a total transaction of $148,286.32. Following the transaction, the executive vice president now owns 221 shares in the company, valued at approximately $90,030.98. The disclosure for this sale can be found here. Corporate insiders own 3.38% of the company’s stock.

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 three segments: Small Business & Self-Employed, Consumer, and Strategic Partner.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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