Intuit Inc. (NASDAQ:INTU) Shares Sold by 1ST Source Bank

1ST Source Bank lowered its holdings in Intuit Inc. (NASDAQ:INTU) by 6.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,146 shares of the software maker’s stock after selling 84 shares during the quarter. 1ST Source Bank’s holdings in Intuit were worth $753,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in INTU. EverSource Wealth Advisors LLC boosted its holdings in Intuit by 3.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after acquiring an additional 16 shares during the period. Fortitude Family Office LLC boosted its stake in shares of Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after purchasing an additional 16 shares during the period. WASHINGTON TRUST Co grew its holdings in Intuit by 10.5% during the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after purchasing an additional 16 shares in the last quarter. Gemmer Asset Management LLC increased its stake in Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after buying an additional 16 shares during the period. Finally, Hohimer Wealth Management LLC lifted its holdings in Intuit by 0.9% in the 4th quarter. Hohimer Wealth Management LLC now owns 1,816 shares of the software maker’s stock worth $1,135,000 after buying an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 1.4 %

NASDAQ:INTU opened at $655.31 on Friday. The firm has a market capitalization of $183.68 billion, a P/E ratio of 60.45, a P/E/G ratio of 3.14 and a beta of 1.24. The business has a 50 day simple moving average of $636.63 and a 200 day simple moving average of $631.75. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. Equities research analysts predict that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.63%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 33.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INTU. BMO Capital Markets lifted their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Citigroup increased their target price on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Wells Fargo & Company lifted their price target on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 21st. Susquehanna reiterated a “positive” rating and set a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. Finally, Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Intuit has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Activity

In related news, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the sale, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $15,752,985.01. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,940 shares of company stock valued at $10,721,252. Insiders own 2.90% of the company’s stock.

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.