Chevy Chase Trust Holdings LLC reduced its holdings in shares of Intuit Inc. (NASDAQ:INTU – Free Report) by 0.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 146,996 shares of the software maker’s stock after selling 451 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Intuit were worth $90,254,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Intuit by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock worth $107,854,000 after buying an additional 3,648 shares during the period. Capitolis Liquid Global Markets LLC purchased a new stake in Intuit during the 4th quarter worth approximately $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Intuit during the 4th quarter worth approximately $237,244,000. Aigen Investment Management LP purchased a new stake in Intuit during the 4th quarter worth approximately $2,958,000. Finally, Baer Investment Advisory LLC purchased a new stake in Intuit during the 4th quarter worth approximately $3,261,000. 83.66% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
INTU has been the topic of several recent research reports. Evercore ISI upped their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an “outperform” rating in a research note on Friday, May 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $825.00 target price (up from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Jefferies Financial Group set a $850.00 price target on shares of Intuit and gave the stock a “buy” rating in a report on Friday, May 23rd. UBS Group set a $750.00 price target on shares of Intuit and gave the stock a “neutral” rating in a report on Friday, May 23rd. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $820.00 price target (up previously from $714.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $787.95.
Intuit Trading Up 0.2%
Shares of Intuit stock opened at $762.55 on Tuesday. The company has a fifty day simple moving average of $686.27 and a 200-day simple moving average of $635.14. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $773.45. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The stock has a market cap of $212.71 billion, a price-to-earnings ratio of 61.90, a PEG ratio of 3.39 and a beta of 1.28.
Intuit (NASDAQ:INTU – Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter in the prior year, the business posted $9.88 EPS. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.
Intuit Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit’s dividend payout ratio is currently 33.77%.
Insider Buying and Selling
In related news, insider Scott D. Cook sold 72,442 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the sale, the insider now owns 6,063,495 shares in the company, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alex G. Balazs sold 1,459 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $770.80, for a total transaction of $1,124,597.20. The disclosure for this sale can be found here. Insiders sold a total of 271,158 shares of company stock worth $202,989,194 in the last 90 days. Company insiders own 2.68% of the company’s stock.
About Intuit
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.
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