Cary Street Partners Financial LLC Sells 1,710 Shares of Intuit Inc. (NASDAQ:INTU)

Cary Street Partners Financial LLC reduced its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 8.0% during the first quarter, Holdings Channel reports. The fund owned 19,601 shares of the software maker’s stock after selling 1,710 shares during the period. Cary Street Partners Financial LLC’s holdings in Intuit were worth $12,035,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Copia Wealth Management bought a new position in Intuit during the fourth quarter valued at approximately $25,000. Heck Capital Advisors LLC purchased a new stake in shares of Intuit during the fourth quarter valued at approximately $28,000. Olde Wealth Management LLC purchased a new stake in shares of Intuit during the first quarter valued at approximately $37,000. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker’s stock valued at $50,000 after purchasing an additional 68 shares during the period. Finally, Hughes Financial Services LLC purchased a new stake in shares of Intuit during the first quarter valued at approximately $50,000. 83.66% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total value of $11,662,373.93. Following the completion of the sale, the chief financial officer directly owned 197 shares in the company, valued at approximately $143,047.61. This trade represents a 98.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of Intuit stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider owned 6,063,495 shares of the company’s stock, valued at $4,494,808,208.55. The trade was a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of analyst reports. Oppenheimer increased their price objective on Intuit from $742.00 to $868.00 and gave the company an “outperform” rating in a research note on Monday, July 28th. Wells Fargo & Company set a $880.00 price objective on Intuit and gave the company an “overweight” rating in a research note on Friday, June 13th. Jefferies Financial Group set a $850.00 price objective on Intuit and gave the company a “buy” rating in a research note on Friday, May 23rd. CLSA initiated coverage on Intuit in a research note on Thursday, June 26th. They set an “outperform” rating and a $900.00 price objective for the company. Finally, The Goldman Sachs Group increased 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Intuit currently has an average rating of “Moderate Buy” and an average target price of $806.27.

Intuit Stock Performance

Shares of Intuit stock opened at $784.87 on Tuesday. 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 firm has a market capitalization of $218.94 billion, a P/E ratio of 63.71, a P/E/G ratio of 2.99 and a beta of 1.28. The business has a fifty day simple moving average of $768.40 and a two-hundred day simple moving average of $663.67. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $813.70.

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

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were issued a dividend of $1.04 per share. The ex-dividend date was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.5%. Intuit’s dividend payout ratio (DPR) is presently 33.77%.

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.