Forbes J M & Co. LLP Lowers Stock Position in Intuit Inc. (NASDAQ:INTU)

Forbes J M & Co. LLP reduced its stake in shares of Intuit Inc. (NASDAQ:INTU) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,943 shares of the software maker’s stock after selling 20 shares during the period. Forbes J M & Co. LLP’s holdings in Intuit were worth $1,263,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. DiNuzzo Private Wealth Inc. purchased a new position in shares of Intuit during the 4th quarter valued at about $25,000. MCF Advisors LLC lifted its holdings in Intuit by 119.0% in the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after purchasing an additional 25 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Intuit in the 4th quarter worth approximately $38,000. Sachetta LLC purchased a new position in Intuit in the 4th quarter worth approximately $39,000. Finally, Webster Bank N. A. purchased a new position in Intuit in the 4th quarter worth approximately $41,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

INTU has been the topic of a number of research analyst reports. Bank of America lowered their price target on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Piper Sandler boosted their target price on Intuit from $750.00 to $760.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Wells Fargo & Company boosted their target price on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research report on Tuesday, May 21st. BMO Capital Markets reissued an “outperform” rating and set a $700.00 target price on shares of Intuit in a research report on Tuesday, March 26th. Finally, UBS Group boosted their target price on Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research report on Monday, May 20th. Five analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $679.41.

Intuit Stock Up 2.6 %

INTU stock traded up $16.07 during trading on Friday, hitting $632.15. 3,682,587 shares of the company’s stock traded hands, compared to its average volume of 1,778,125. The firm has a market capitalization of $176.72 billion, a P/E ratio of 58.32, a PEG ratio of 3.52 and a beta of 1.21. Intuit Inc. has a 1 year low of $442.74 and a 1 year high of $676.62. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $615.61 and a two-hundred day simple moving average of $626.00.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping the consensus estimate of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.65 billion. During the same period in the previous year, the company posted $7.80 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. Sell-side analysts anticipate that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s payout ratio is currently 33.21%.

Insider Transactions at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,415 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the sale, the chief financial officer now directly owns 2,332 shares in the company, valued at $1,409,880.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Sandeep Aujla sold 1,415 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the transaction, the chief financial officer now directly owns 2,332 shares of the company’s stock, valued at $1,409,880.56. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the transaction, the insider now directly owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The disclosure for this sale can be found here. Insiders have sold a total of 193,937 shares of company stock valued at $113,123,232 in the last 90 days. Insiders own 2.90% of the company’s stock.

Intuit 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.