Elevated Capital Advisors LLC Sells 43 Shares of Intuit Inc. (NASDAQ:INTU)

Elevated Capital Advisors LLC cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 3.0% in the 1st quarter, Holdings Channel reports. The firm owned 1,374 shares of the software maker’s stock after selling 43 shares during the period. Elevated Capital Advisors LLC’s holdings in Intuit were worth $844,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in INTU. Norges Bank bought a new stake in Intuit during the fourth quarter worth $2,290,419,000. GAMMA Investing LLC lifted its stake 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 worth $17,348,790,000 after purchasing an additional 2,821,534 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 worth $1,930,765,000 after purchasing an additional 771,232 shares during the last quarter. Wellington Management Group LLP lifted its stake in Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock worth $3,329,115,000 after purchasing an additional 620,559 shares during the last quarter. Finally, Unisphere Establishment lifted its stake in Intuit by 50.0% during the fourth quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker’s stock worth $942,750,000 after purchasing an additional 500,000 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insider Transactions at Intuit

In other news, insider Scott D. Cook sold 72,442 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the transaction, the insider now owns 6,063,495 shares of the company’s stock, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sandeep Aujla sold 16,061 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the transaction, the chief financial officer now directly owns 197 shares in the company, valued at approximately $143,047.61. The trade was a 98.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 272,896 shares of company stock valued at $204,351,942 in the last 90 days. 2.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

INTU has been the subject of several recent analyst reports. Scotiabank upgraded Intuit from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. Oppenheimer reiterated an “outperform” rating and set a $742.00 price target (up from $642.00) on shares of Intuit in a report on Friday, May 23rd. The Goldman Sachs Group upped their price target on shares of Intuit from $750.00 to $860.00 and gave the stock a “buy” rating in a report on Monday, May 19th. JPMorgan Chase & Co. upped their price target on shares of Intuit from $660.00 to $770.00 and gave the stock an “overweight” rating in a report on Friday, May 23rd. Finally, Wells Fargo & Company set a $880.00 price target on shares of Intuit and gave the stock an “overweight” rating in a report on Friday, June 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Intuit has an average rating of “Moderate Buy” and a consensus target price of $793.05.

Intuit Stock Performance

Shares of Intuit stock opened at $776.57 on Friday. The company has a market cap of $216.62 billion, a P/E ratio of 63.03, a PEG ratio of 3.44 and a beta of 1.28. The business has a 50-day moving average price of $700.54 and a two-hundred day moving average price of $638.60. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $787.22.

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

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.54%. Intuit’s dividend payout ratio (DPR) is presently 33.77%.

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.