Kovack Advisors Inc. Trims Holdings in Intuit Inc. (NASDAQ:INTU)

Kovack Advisors Inc. decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 7.3% during the first quarter, HoldingsChannel.com reports. The firm owned 443 shares of the software maker’s stock after selling 35 shares during the quarter. Kovack Advisors Inc.’s holdings in Intuit were worth $288,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. DiNuzzo Private Wealth Inc. purchased a new stake in Intuit in the fourth quarter worth $25,000. MCF Advisors LLC increased its stake in shares of Intuit by 119.0% during the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after buying an additional 25 shares during the period. Wetzel Investment Advisors Inc. purchased a new position in shares of Intuit during the fourth quarter valued at $38,000. Sachetta LLC purchased a new position in shares of Intuit during the fourth quarter valued at $39,000. Finally, Webster Bank N. A. purchased a new position in shares of Intuit during the fourth quarter valued at $41,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Transactions at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the transaction, the executive vice president now owns 869 shares of the company’s stock, valued at $525,380.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Intuit news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the transaction, the insider now owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the transaction, the executive vice president now directly owns 869 shares in the company, valued at approximately $525,380.02. The disclosure for this sale can be found here. Insiders have sold 195,963 shares of company stock valued at $114,442,445 over the last ninety days. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on INTU. Citigroup raised their price target on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Stifel Nicolaus cut their price target on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Monday, May 27th. Piper Sandler raised their price objective on Intuit from $750.00 to $760.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $687.22.

Intuit Stock Up 0.6 %

Intuit stock opened at $659.90 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50. The business has a 50 day simple moving average of $620.43 and a 200-day simple moving average of $629.18. The stock has a market capitalization of $184.48 billion, a PE ratio of 60.88, a price-to-earnings-growth ratio of 3.77 and a beta of 1.23. Intuit Inc. has a 12 month low of $444.19 and a 12 month high of $676.62.

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, topping analysts’ consensus estimates of $8.12 by $1.76. The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business’s revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the company posted $7.80 earnings per share. On average, analysts anticipate that Intuit Inc. will post 11.72 EPS for the current fiscal year.

Intuit Dividend Announcement

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

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.