Ocean Capital Management LLC Lowers Position in Intuit Inc. (NASDAQ:INTU)

Ocean Capital Management LLC reduced its position in shares of Intuit Inc. (NASDAQ:INTU) by 5.3% in the 4th quarter, HoldingsChannel reports. The firm owned 5,789 shares of the software maker’s stock after selling 321 shares during the period. Intuit comprises approximately 1.5% of Ocean Capital Management LLC’s holdings, making the stock its 15th largest position. Ocean Capital Management LLC’s holdings in Intuit were worth $3,618,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. NewSquare Capital LLC acquired a new stake in Intuit in the third quarter valued at $25,000. Cape Investment Advisory Inc. purchased a new position in shares of Intuit in the 3rd quarter valued at about $26,000. Steward Financial Group LLC lifted its stake in shares of Intuit by 50.0% in the third quarter. Steward Financial Group LLC now owns 60 shares of the software maker’s stock valued at $30,000 after purchasing an additional 20 shares during the period. Aspire Private Capital LLC lifted its stake in shares of Intuit by 144.4% in the third quarter. Aspire Private Capital LLC now owns 66 shares of the software maker’s stock valued at $34,000 after purchasing an additional 39 shares during the period. Finally, BluePath Capital Management LLC purchased a new stake in Intuit during the third quarter worth about $43,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling

In other Intuit news, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Laura A. Fennell sold 14,772 shares of the business’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $598.52, for a total transaction of $8,841,337.44. Following the transaction, the executive vice president now directly owns 50,030 shares of the company’s stock, valued at $29,943,955.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The disclosure for this sale can be found here. In the last three months, insiders sold 34,260 shares of company stock valued at $20,667,475. Company insiders own 2.90% of the company’s stock.

Intuit Price Performance

Shares of Intuit stock opened at $650.00 on Friday. The business’s fifty day moving average price is $646.73 and its 200 day moving average price is $587.31. Intuit Inc. has a twelve month low of $400.22 and a twelve month high of $671.01. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $182 billion, a P/E ratio of 66.33, a PEG ratio of 3.95 and a beta of 1.22.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, February 22nd. The software maker reported $2.63 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $1.05 EPS. As a group, research analysts anticipate that Intuit Inc. will post 11.27 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 18th. Investors of record on Wednesday, April 10th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $3.60 annualized dividend and a dividend yield of 0.55%. Intuit’s payout ratio is 36.73%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on INTU. Mizuho increased their target price on shares of Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a report on Friday, February 23rd. KeyCorp raised their price target on Intuit from $700.00 to $720.00 and gave the company an “overweight” rating in a research report on Wednesday. Wells Fargo & Company boosted their price objective on shares of Intuit from $615.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 21st. JPMorgan Chase & Co. raised their target price on shares of Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Finally, Evercore ISI increased their price target on shares of Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $645.00.

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 four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.