Allspring Global Investments Holdings LLC Lowers Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Allspring Global Investments Holdings LLC cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 6.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,454 shares of the software maker’s stock after selling 5,284 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Intuit were worth $46,445,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of INTU. Vanguard Group Inc. increased its stake in Intuit by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 25,331,318 shares of the software maker’s stock worth $12,942,784,000 after buying an additional 117,478 shares during the period. Morgan Stanley increased its position in shares of Intuit by 3.7% during the third quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock worth $1,966,304,000 after acquiring an additional 137,198 shares during the period. Wellington Management Group LLP raised its stake in shares of Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Intuit by 2.3% in the fourth quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock valued at $2,217,681,000 after purchasing an additional 80,517 shares during the period. Finally, Norges Bank acquired a new position in Intuit during the 4th quarter worth $2,101,848,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Stifel Nicolaus reduced their price target on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a research report on Friday, May 24th. Bank of America reduced their target price on shares of Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a report on Friday, May 24th. BMO Capital Markets reiterated an “outperform” rating and set a $700.00 price target on shares of Intuit in a report on Tuesday, March 26th. UBS Group raised their price objective on shares of Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a report on Monday, May 20th. Finally, Royal Bank of Canada assumed coverage on shares of Intuit in a research note on Wednesday. They set an “outperform” rating and a $760.00 target price for the company. Five analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $687.22.

Intuit Trading Up 0.6 %

NASDAQ INTU opened at $659.90 on Thursday. The firm’s fifty day moving average is $619.94 and its two-hundred day moving average is $628.97. Intuit Inc. has a one year low of $444.19 and a one year high of $676.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market cap of $184.48 billion, a PE ratio of 60.96, a P/E/G ratio of 3.76 and a beta of 1.23.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. During the same quarter in the previous year, the firm posted $7.80 EPS. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. Analysts expect that Intuit Inc. will post 11.72 earnings per share for the current year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Wednesday, July 10th. Intuit’s dividend payout ratio is presently 33.21%.

Insider Activity at Intuit

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the transaction, the insider now owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Intuit news, insider Scott D. Cook sold 14,748 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $567.40, for a total transaction of $8,368,015.20. Following the transaction, the insider now owns 6,701,721 shares in the company, valued at approximately $3,802,556,495.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The disclosure for this sale can be found here. Insiders have sold a total of 195,963 shares of company stock worth $114,442,445 in the last three months. Insiders own 2.90% of the company’s stock.

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.