5 Stocks to Sell According to Billionaire Dan Loeb

2. Intuit Inc. (NASDAQ:INTU)

Third Point’s Stake Value in Q1 2022: $348,609,000

Percentage of Third Point’s 13F Portfolio in Q1 2022: 4.53%

Number of Hedge Fund Holders: 75

Intuit Inc. (NASDAQ:INTU) is a global financial technology platform allowing consumers and small businesses to manage their finances, get and retain customers, save money, pay off debt and do their taxes with ease, among other solutions. Its platforms include TurboTax, Credit Karma, QuickBooks, and Mailchimp and serve over 100 million customers.

Intuit Inc. (NASDAQ:INTU) was ranked #5 on Third Point’s 13F portfolio based on its weight of 4.53%, as of Q1 2022. The hedge fund held 725,000 shares of Intuit Inc. (NASDAQ:INTU), 37% less than the number of shares held at the end of the previous quarter. The hedge fund exited its entire position in the stock during Q2 2022.

In August, Intuit Inc. (NASDAQ:INTU) released its financial results for the quarter ended July 31, 2022. Its total revenue decreased by 6% y-o-y to $2.4 billion, while it reported a net loss of $56 million. It reported a normalized EPS of $1.10 for the quarter, $0.12 more than the analyst consensus. The company also declared a quarterly cash dividend of $0.68 per share.

On October 3, JPMorgan analyst Mark Murphy downgraded Intuit Inc. (NASDAQ:INTU) shares to ‘Neutral’ from ‘Overweight’ with a $360 price target.

As of Q2 2022, 75 of the 895 hedge funds tracked by Insider Monkey held Intuit Inc. (NASDAQ:INTU) shares valued at a combined total of $5.4 billion. Terry Smith’s Fundsmith LLP was its largest hedge fund shareholder with ownership of 2.4 million shares valued at $914 million.