Ocean Capital Management LLC cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 8,228 shares of the software maker’s stock after selling 53 shares during the quarter. Intuit comprises approximately 1.8% of Ocean Capital Management LLC’s investment portfolio, making the stock its 15th largest holding. Ocean Capital Management LLC’s holdings in Intuit were worth $2,150,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Advantage Inc. acquired a new position in Intuit during the 1st quarter worth about $26,000. Financial Gravity Wealth Inc. acquired a new position in Intuit during the 1st quarter worth about $28,000. Private Ocean LLC acquired a new position in Intuit during the 1st quarter worth about $28,000. Manchester Financial Inc. acquired a new position in Intuit during the 2nd quarter worth about $30,000. Finally, FNY Investment Advisers LLC acquired a new position in Intuit during the 2nd quarter worth about $30,000. 88.48% of the stock is currently owned by hedge funds and other institutional investors.

INTU stock traded up $0.56 during trading on Thursday, reaching $268.45. 31,786 shares of the stock were exchanged, compared to its average volume of 1,165,925. The business’s 50 day simple moving average is $274.58. Intuit Inc. has a twelve month low of $182.61 and a twelve month high of $284.97. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $70.68 billion, a price-to-earnings ratio of 59.28, a P/E/G ratio of 2.74 and a beta of 1.10.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 23rd. The software maker reported $5.55 earnings per share for the quarter, topping analysts’ consensus estimates of $5.12 by $0.43. Intuit had a return on equity of 52.65% and a net margin of 24.34%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.23 billion. During the same period in the prior year, the business earned $4.82 EPS. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. As a group, sell-side analysts predict that Intuit Inc. will post 5.49 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, July 18th. Investors of record on Wednesday, July 10th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend was Tuesday, July 9th. Intuit’s dividend payout ratio (DPR) is currently 41.50%.

Several research analysts have commented on the company. Credit Suisse Group lifted their target price on Intuit from $260.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 24th. Barclays boosted their price objective on Intuit from $225.00 to $237.00 and gave the company an “equal weight” rating in a research note on Friday, May 24th. Morgan Stanley boosted their price objective on Intuit from $239.00 to $244.00 and gave the company an “equal weight” rating in a research note on Friday, May 24th. KeyCorp boosted their price objective on Intuit from $280.00 to $285.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Finally, BidaskClub raised Intuit from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 9th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $254.15.

In other Intuit news, Chairman Scott D. Cook sold 103,817 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $258.59, for a total transaction of $26,846,038.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Scott D. Cook sold 133,334 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $262.87, for a total value of $35,049,508.58. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 277,296 shares of company stock worth $72,342,898. 4.60% of the stock is owned by company insiders.

Intuit Company Profile

Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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