Wambolt & Associates LLC Sells 1,017 Shares of Intuit Inc. (NASDAQ:INTU)

Wambolt & Associates LLC lowered its stake in Intuit Inc. (NASDAQ:INTU) by 10.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 8,665 shares of the software maker’s stock after selling 1,017 shares during the quarter. Intuit makes up 1.7% of Wambolt & Associates LLC’s portfolio, making the stock its 11th biggest holding. Wambolt & Associates LLC’s holdings in Intuit were worth $5,447,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of INTU. Florida Financial Advisors LLC raised its holdings in Intuit by 9.7% in the fourth quarter. Florida Financial Advisors LLC now owns 363 shares of the software maker’s stock worth $228,000 after purchasing an additional 32 shares in the last quarter. Baxter Bros Inc. lifted its position in Intuit by 1.1% in the 4th quarter. Baxter Bros Inc. now owns 60,270 shares of the software maker’s stock valued at $37,880,000 after acquiring an additional 649 shares in the last quarter. Zions Bancorporation N.A. boosted its position in shares of Intuit by 40.6% during the fourth quarter. Zions Bancorporation N.A. now owns 8,099 shares of the software maker’s stock valued at $5,090,000 after buying an additional 2,338 shares during the last quarter. FineMark National Bank & Trust boosted its holdings in shares of Intuit by 1.8% during the 4th quarter. FineMark National Bank & Trust now owns 1,509 shares of the software maker’s stock valued at $948,000 after acquiring an additional 27 shares during the last quarter. Finally, Ashton Thomas Securities LLC grew its position in Intuit by 2.6% in the 4th quarter. Ashton Thomas Securities LLC now owns 1,558 shares of the software maker’s stock worth $979,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on INTU shares. Redburn Atlantic assumed coverage on Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a report on Wednesday, January 15th. Mizuho lifted their target price on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. BMO Capital Markets decreased their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Finally, Piper Sandler reissued an “overweight” rating and set a $785.00 target price (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $721.61.

Intuit Stock Performance

INTU opened at $613.09 on Tuesday. The firm’s fifty day simple moving average is $596.08 and its two-hundred day simple moving average is $622.74. Intuit Inc. has a 52-week low of $553.24 and a 52-week high of $714.78. The company has a market cap of $171.40 billion, a price-to-earnings ratio of 59.52, a PEG ratio of 2.85 and a beta of 1.27. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s payout ratio is 38.81%.

Insiders Place Their Bets

In related news, CEO Sasan K. Goodarzi sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the completion of the sale, the chief executive officer now directly owns 35,776 shares in the company, valued at approximately $22,542,457.60. The trade was a 67.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eve B. Burton sold 1,702 shares of Intuit stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the sale, the director now directly owns 8 shares in the company, valued at approximately $4,800. This trade represents a 99.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 124,733 shares of company stock worth $77,947,205. Corporate 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.