1ST Source Bank Trims Stock Holdings in Intuit Inc. (NASDAQ:INTU)

1ST Source Bank cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 6.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,146 shares of the software maker’s stock after selling 84 shares during the period. 1ST Source Bank’s holdings in Intuit were worth $753,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. LGT Financial Advisors LLC acquired a new stake in Intuit during the 2nd quarter worth approximately $25,000. Cultivar Capital Inc. acquired a new stake in shares of Intuit during the second quarter worth $26,000. Hobbs Group Advisors LLC purchased a new position in Intuit in the 2nd quarter valued at $35,000. Sachetta LLC acquired a new position in Intuit in the 4th quarter valued at $39,000. Finally, J.Safra Asset Management Corp purchased a new position in Intuit during the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Bank of America increased their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Jefferies Financial Group lifted their price target on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Erste Group Bank reissued a “hold” rating on shares of Intuit in a report on Friday, June 14th. Finally, Wells Fargo & Company upped 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. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Intuit Stock Performance

NASDAQ INTU opened at $655.31 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The business has a fifty day moving average of $636.63 and a 200-day moving average of $631.75. The stock has a market cap of $183.68 billion, a price-to-earnings ratio of 60.45, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24.

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

Intuit Increases Dividend

The company also recently announced 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. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is presently 33.21%.

Insider Buying and Selling at Intuit

In other news, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. In the last three months, insiders sold 16,940 shares of company stock worth $10,721,252. Insiders own 2.90% of the company’s stock.

Intuit Company 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.