Archford Capital Strategies LLC Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Archford Capital Strategies LLC lessened its stake in Intuit Inc. (NASDAQ:INTU) by 18.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,344 shares of the software maker’s stock after selling 735 shares during the quarter. Archford Capital Strategies LLC’s holdings in Intuit were worth $2,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Intuit in the 4th quarter worth $2,290,419,000. GAMMA Investing LLC raised its holdings in Intuit by 69,701.9% during the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker’s stock valued at $17,348,790,000 after acquiring an additional 2,821,534 shares during the period. Proficio Capital Partners LLC lifted its holdings in shares of Intuit by 112,233.1% in the fourth quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock worth $668,595,000 after buying an additional 1,062,847 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Intuit by 33.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker’s stock valued at $1,930,765,000 after acquiring an additional 771,232 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Intuit by 13.3% during the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 1,459 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $770.80, for a total value of $1,124,597.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 62,816 shares of the company’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $765.99, for a total value of $48,116,427.84. Following the sale, the insider now owns 6,000,679 shares of the company’s stock, valued at $4,596,460,107.21. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 271,158 shares of company stock worth $202,989,194. Corporate insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on INTU shares. The Goldman Sachs Group raised their price objective on Intuit from $750.00 to $860.00 and gave the company a “buy” rating in a research note on Monday, May 19th. BMO Capital Markets reaffirmed an “outperform” rating and set a $820.00 target price (up from $714.00) on shares of Intuit in a research report on Friday, May 23rd. KeyCorp reissued an “overweight” rating and set a $850.00 price target (up previously from $770.00) on shares of Intuit in a research report on Friday, May 23rd. JPMorgan Chase & Co. upped their price objective on shares of Intuit from $660.00 to $770.00 and gave the stock an “overweight” rating in a research note on Friday, May 23rd. Finally, Citigroup reiterated a “buy” rating and issued a $789.00 target price (up previously from $726.00) on shares of Intuit in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $787.95.

Intuit Price Performance

Intuit stock opened at $759.03 on Wednesday. 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 company has a fifty day simple moving average of $689.57 and a 200-day simple moving average of $636.00. The stock has a market cap of $211.73 billion, a P/E ratio of 61.61, a price-to-earnings-growth ratio of 3.39 and a beta of 1.28. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $773.45.

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

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.55%. Intuit’s dividend payout ratio is presently 33.77%.

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.