Intuit Inc. (NASDAQ:INTU) Stock Position Lessened by Congress Asset Management Co.

Congress Asset Management Co. decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 92.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,250 shares of the software maker’s stock after selling 200,704 shares during the quarter. Congress Asset Management Co.’s holdings in Intuit were worth $10,591,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Copia Wealth Management bought a new position in Intuit during the fourth quarter valued at about $25,000. NewSquare Capital LLC boosted its stake in Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after buying an additional 18 shares in the last quarter. Summit Securities Group LLC bought a new position in Intuit during the fourth quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Intuit during the fourth quarter valued at about $28,000. Finally, Heck Capital Advisors LLC bought a new position in Intuit during the fourth quarter valued at about $28,000. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Up 0.6%

Shares of Intuit stock opened at $771.58 on Friday. The stock has a 50-day moving average price of $646.24 and a 200 day moving average price of $626.21. The company has a market cap of $215.23 billion, a P/E ratio of 74.91, a P/E/G ratio of 2.85 and a beta of 1.28. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $773.45.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the prior year, the business earned $9.88 EPS. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. As a group, analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Stockholders 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 dividend yield of 0.54%. The ex-dividend date is Thursday, July 10th. Intuit’s dividend payout ratio (DPR) is presently 33.77%.

Insider Transactions at Intuit

In other news, insider Scott D. Cook sold 72,442 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The stock was 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 directly owns 6,063,495 shares of the company’s stock, valued at $4,494,808,208.55. This trade represents a 1.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Marianna Tessel sold 34,329 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 40,767 shares of the company’s stock, valued at $31,017,164.28. This trade represents a 45.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 225,592 shares of company stock valued at $165,325,437 in the last three months. Corporate insiders own 2.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on INTU shares. UBS Group set a $750.00 target price on Intuit and gave the company a “neutral” rating in a research note on Friday, May 23rd. Oppenheimer reaffirmed an “outperform” rating and set a $742.00 target price (up previously from $642.00) on shares of Intuit in a research note on Friday, May 23rd. Scotiabank raised Intuit from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $600.00 to $700.00 in a report on Thursday, April 17th. Barclays reaffirmed an “overweight” rating and set a $815.00 target price (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. Finally, KeyCorp reaffirmed an “overweight” rating and set a $850.00 target price (up from $770.00) on shares of Intuit in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $785.33.

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.