Comerica Bank Sells 3,792 Shares of Intuit Inc. (NASDAQ:INTU)

Comerica Bank reduced its stake in shares of Intuit Inc. (NASDAQ:INTU) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 89,209 shares of the software maker’s stock after selling 3,792 shares during the period. Comerica Bank’s holdings in Intuit were worth $56,068,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new stake in shares of Intuit during the fourth quarter valued at approximately $25,000. NewSquare Capital LLC grew its holdings in Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares during the last quarter. Heck Capital Advisors LLC purchased a new position in shares of Intuit in the fourth quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Intuit during the fourth quarter valued at about $28,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Intuit during the fourth quarter worth about $28,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Price Performance

Shares of Intuit stock opened at $623.15 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a market cap of $174.21 billion, a PE ratio of 60.50, a PEG ratio of 2.85 and a beta of 1.25. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $714.78. The stock has a 50 day moving average of $595.08 and a 200 day moving average of $616.14.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 18th. Shareholders of record on Thursday, April 10th were given a dividend of $1.04 per share. The ex-dividend date was Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Wall Street Analysts Forecast Growth

INTU has been the topic of several research analyst reports. Redburn Atlantic began coverage on Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $640.00 to $660.00 in a research report on Wednesday, March 5th. Oppenheimer reduced their price target on shares of Intuit from $722.00 to $642.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. BNP Paribas lowered shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a report on Wednesday, January 15th. Finally, Jefferies Financial Group decreased their target price on Intuit from $800.00 to $735.00 and set a “buy” rating for the company in a research report on Monday, March 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $717.53.

Insider Activity

In other news, EVP Laura A. Fennell sold 8,163 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. The trade was a 27.17 % 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 this link. Also, Director Eve B. Burton sold 1,702 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares of the company’s stock, valued at approximately $4,800. This trade represents a 99.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,696 shares of company stock valued at $14,347,731 in the last ninety days. 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.