Eastern Bank Sells 331 Shares of Intuit Inc. (NASDAQ:INTU)

Eastern Bank trimmed its holdings in Intuit Inc. (NASDAQ:INTU) by 22.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,139 shares of the software maker’s stock after selling 331 shares during the period. Eastern Bank’s holdings in Intuit were worth $699,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Brighton Jones LLC raised its holdings in shares of Intuit by 61.3% in the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker’s stock valued at $2,233,000 after purchasing an additional 1,350 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Intuit by 145.6% in the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker’s stock valued at $511,000 after purchasing an additional 482 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of Intuit by 14.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker’s stock valued at $1,252,000 after purchasing an additional 248 shares during the last quarter. May Hill Capital LLC purchased a new stake in shares of Intuit in the fourth quarter valued at about $253,000. Finally, Bryce Point Capital LLC purchased a new stake in shares of Intuit in the fourth quarter valued at about $896,000. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on INTU shares. Citigroup restated a “buy” rating and set a $789.00 price objective (up previously from $726.00) on shares of Intuit in a report on Friday, May 23rd. Scotiabank upgraded shares of Intuit from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. Bank of America raised their price objective on shares of Intuit from $730.00 to $875.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. Wells Fargo & Company set a $880.00 price objective on shares of Intuit and gave the stock an “overweight” rating in a report on Friday, June 13th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $825.00 target price (up previously from $785.00) 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 issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $806.27.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 2,591 shares of the company’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total value of $2,026,732.02. Following the sale, the chief financial officer directly owned 768 shares of the company’s stock, valued at $600,744.96. This represents a 77.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alex G. Balazs sold 882 shares of the company’s stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total transaction of $689,397.66. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is owned by insiders.

Intuit Stock Up 0.1%

Shares of NASDAQ INTU opened at $807.39 on Thursday. 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 12 month low of $532.65 and a 12 month high of $813.70. The firm has a market capitalization of $225.22 billion, a PE ratio of 65.53, a price-to-earnings-growth ratio of 3.58 and a beta of 1.27. The firm has a fifty day simple moving average of $763.60 and a two-hundred day simple moving average of $659.50.

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

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend was Thursday, July 10th. 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.