Farallon Capital Management LLC has reduced its holdings in Intuit Inc. by 9.1% during the third quarter, as revealed in its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). As of the latest filing, the institutional investor owns 488,088 shares of the financial software company, following the sale of 48,570 shares in the quarter. Intuit now represents 1.4% of Farallon’s total holdings, making it the firm’s 20th largest position with a value of approximately $333.32 million.
Other institutional investors have also adjusted their positions in Intuit. For instance, Tortoise Investment Management LLC significantly increased its stake by 540% in the second quarter, holding 32 shares valued at $25,000. Additionally, Sagard Holdings Management Inc. and Total Investment Management Inc. acquired new positions in the company, valued at $28,000 and $33,000 respectively. Notably, MTM Investment Management LLC increased its stake by 135% during the third quarter.
According to data, institutional investors and hedge funds collectively own 83.66% of Intuit’s shares.
Analysts Weigh in on Intuit’s Future
Investment sentiment surrounding Intuit is mixed as several analysts have revised their ratings and price targets. KeyCorp lowered its target from $750.00 to $520.00, maintaining an “overweight” rating. Similarly, Deutsche Bank Aktiengesellschaft adjusted its price objective from $850.00 to $600.00, while Stifel Nicolaus reduced its target from $800.00 to $500.00.
On the other hand, Rothschild & Co Redburn upgraded the stock from “neutral” to “buy,” raising its target price from $670.00 to $700.00. Overall, the consensus rating for Intuit is classified as “Moderate Buy,” with an average target price of $634.26 according to MarketBeat.
Intuit’s Recent Financial Performance
Intuit’s stock opened at $439.96 on Monday, reflecting a market capitalization of $121.67 billion. The company reported a price-to-earnings ratio of 28.49 and a debt-to-equity ratio of 0.28. Recent earnings results revealed that Intuit achieved $4.15 earnings per share (EPS) for the quarter ending February 26, exceeding analysts’ expectations of $3.68. The firm generated $4.65 billion in revenue, surpassing estimates of $4.53 billion, marking a 17.4% increase from the same period last year.
Intuit has also provided guidance for its upcoming financial periods, projecting EPS of between $12.450 and $12.510 for Q3 2026 and a full-year guidance between $22.980 and $23.180.
The company recently announced a quarterly dividend of $1.20, set to be paid on April 17, 2024, to shareholders of record on April 9, 2024. This annualizes to $4.80, offering a yield of 1.1%. The dividend payout ratio currently stands at 31.09%.
In addition to these developments, insider activity has been notable. Director Scott D. Cook recently sold 1,402 shares at an average price of $668.02, while CEO Sasan K. Goodarzi sold 41,000 shares at an average price of $650.10. Collectively, insiders have sold 120,501 shares valued at approximately $79.98 million over the last 90 days.
Company Overview
Intuit Inc. (NASDAQ: INTU), headquartered in Mountain View, California, is a leading provider of financial software that develops cloud-based financial management and compliance products tailored for individuals and small businesses. Founded in 1983, Intuit’s flagship offerings include QuickBooks, TurboTax, and Mint, which collectively serve millions of customers worldwide.
As the financial landscape evolves, Intuit continues to adapt and innovate, positioning itself for sustained growth amidst changing market conditions.
