Trust Asset Management LLC Increases Position in Intuit Inc. (NASDAQ:INTU)

Trust Asset Management LLC raised its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,221 shares of the software maker’s stock after buying an additional 43 shares during the period. Trust Asset Management LLC’s holdings in Intuit were worth $1,978,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Copia Wealth Management purchased a new position in shares of Intuit during the fourth quarter valued at approximately $25,000. Heck Capital Advisors LLC purchased a new position in shares of Intuit during the fourth quarter valued at approximately $28,000. Olde Wealth Management LLC purchased a new position in shares of Intuit during the first quarter valued at approximately $37,000. Atlantic Edge Private Wealth Management LLC boosted its position in shares of Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker’s stock valued at $50,000 after buying an additional 68 shares during the period. Finally, Hughes Financial Services LLC purchased a new position in shares of Intuit during the first quarter valued at approximately $50,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on INTU. Evercore ISI boosted their price target on Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a report on Friday, May 23rd. Wall Street Zen upgraded Intuit from a “hold” rating to a “buy” rating in a report on Tuesday, April 29th. Wells Fargo & Company set a $880.00 price target on Intuit and gave the company an “overweight” rating in a report on Friday, June 13th. Bank of America boosted their price target on Intuit from $730.00 to $875.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Finally, Scotiabank upgraded Intuit from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $600.00 to $700.00 in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $806.27.

Intuit Stock Performance

Shares of INTU opened at $749.00 on Monday. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $813.70. The stock has a fifty day moving average price of $769.27 and a 200-day moving average price of $668.11. 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 firm has a market cap of $208.93 billion, a PE ratio of 60.80, a P/E/G ratio of 2.89 and a beta of 1.28.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the business posted $9.88 EPS. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. Equities research analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit’s dividend payout ratio is presently 33.77%.

Insider Transactions at Intuit

In related news, EVP Marianna Tessel sold 34,329 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $760.84, for a total value of $26,118,876.36. Following the transaction, the executive vice president directly owned 40,767 shares of the company’s stock, valued at $31,017,164.28. This represents a 45.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kerry J. Mclean sold 16,700 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the transaction, the executive vice president directly owned 23,101 shares in the company, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 over the last 90 days. Insiders own 2.68% of the company’s stock.

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.