Institute for Wealth Management LLC. Lowers Position in Intuit Inc. (NASDAQ:INTU)

Institute for Wealth Management LLC. cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 1.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,089 shares of the software maker’s stock after selling 20 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Intuit were worth $681,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Desjardins Global Asset Management Inc. grew its holdings in shares of Intuit by 1.4% during the 4th quarter. Desjardins Global Asset Management Inc. now owns 1,181 shares of the software maker’s stock worth $738,000 after purchasing an additional 16 shares during the period. GAM Holding AG grew its holdings in shares of Intuit by 0.3% during the 4th quarter. GAM Holding AG now owns 5,873 shares of the software maker’s stock worth $3,671,000 after purchasing an additional 17 shares during the period. Janiczek Wealth Management LLC grew its holdings in shares of Intuit by 2.4% during the 4th quarter. Janiczek Wealth Management LLC now owns 716 shares of the software maker’s stock worth $448,000 after purchasing an additional 17 shares during the period. Clear Harbor Asset Management LLC boosted its holdings in Intuit by 0.4% during the 4th quarter. Clear Harbor Asset Management LLC now owns 4,842 shares of the software maker’s stock valued at $3,027,000 after acquiring an additional 18 shares during the period. Finally, Glenview Trust co boosted its holdings in Intuit by 1.9% during the 3rd quarter. Glenview Trust co now owns 1,031 shares of the software maker’s stock valued at $527,000 after acquiring an additional 19 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Price Performance

Shares of NASDAQ INTU opened at $605.17 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17. Intuit Inc. has a fifty-two week low of $400.22 and a fifty-two week high of $671.01. The firm has a market capitalization of $169.45 billion, a PE ratio of 61.75, a price-to-earnings-growth ratio of 3.70 and a beta of 1.21. The stock’s 50-day simple moving average is $642.93 and its 200-day simple moving average is $599.06.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. As a group, equities research analysts forecast that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Investors of record on Wednesday, April 10th were paid a dividend of $0.90 per share. The ex-dividend date was Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a yield of 0.59%. Intuit’s dividend payout ratio is presently 36.73%.

Insider Buying and Selling

In related news, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Intuit news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total value of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at approximately $15,233,800.32. 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 280 shares of Intuit stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The disclosure for this sale can be found here. Insiders have sold 4,717 shares of company stock worth $3,117,156 in the last quarter. 2.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on INTU shares. Evercore ISI raised their target price on Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. KeyCorp raised their target price on Intuit from $700.00 to $720.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. Barclays raised their target price on Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Piper Sandler raised their target price on Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. raised their target price on Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Four investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $645.00.

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.