Asset Dedication LLC Cuts Stock Position in Intuit Inc. (NASDAQ:INTU)

by · The Markets Daily

Asset Dedication LLC trimmed its holdings in Intuit Inc. (NASDAQ:INTU – Free Report) by 5.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,046 shares of the software maker’s stock after selling 127 shares during the period. Asset Dedication LLC’s holdings in Intuit were worth $1,256,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in INTU. Copia Wealth Management purchased a new position in shares of Intuit during the fourth quarter valued at about $25,000. Summit Securities Group LLC purchased a new position in Intuit during the 4th quarter valued at approximately $28,000. Heck Capital Advisors LLC bought a new stake in Intuit in the 4th quarter worth approximately $28,000. VSM Wealth Advisory LLC purchased a new position in shares of Intuit in the fourth quarter valued at $35,000. Finally, Olde Wealth Management LLC bought a new stake in Intuit in the first quarter worth $37,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Laura A. Fennell sold 25,648 shares of the business’s stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $752.25, for a total transaction of $19,293,708.00. Following the sale, the executive vice president owned 22,796 shares of the company’s stock, valued at approximately $17,148,291. The trade was a 52.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the transaction, the executive vice president directly owned 23,101 shares in the company, valued at $16,844,325.16. This represents a 41.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 279,800 shares of company stock valued at $209,725,054. Corporate insiders own 2.68% of the company’s stock.

Intuit Price Performance

Shares of INTU opened at $747.90 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The company has a 50 day moving average price of $733.03 and a 200-day moving average price of $646.71. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $790.60. The stock has a market capitalization of $208.63 billion, a PE ratio of 60.71, a PEG ratio of 3.33 and a beta of 1.27.

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

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Thursday, July 10th. Intuit’s dividend payout ratio is currently 33.77%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on INTU. HSBC upgraded shares of Intuit from a “hold” rating to a “buy” rating and set a $699.00 target price on the stock in a report on Wednesday, April 23rd. UBS Group set a $750.00 price target on Intuit and gave the stock a “neutral” rating in a research report on Friday, May 23rd. Piper Sandler reiterated an “overweight” rating and set a $825.00 price objective (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. CLSA began coverage on shares of Intuit in a research report on Thursday, June 26th. They issued an “outperform” rating and a $900.00 price objective on the stock. Finally, Evercore ISI upped their target price on Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a research note on Friday, May 23rd. One investment 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 stock. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average target price of $800.55.

View Our Latest Stock Analysis on INTU

About Intuit

(Free Report)

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.

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