Intuit Inc. (NASDAQ:INTU) Shares Sold by Concorde Asset Management LLC

Concorde Asset Management LLC lessened its position in shares of Intuit Inc. (NASDAQ:INTU) by 5.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 876 shares of the software maker’s stock after selling 54 shares during the period. Concorde Asset Management LLC’s holdings in Intuit were worth $576,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. EverSource Wealth Advisors LLC raised its holdings in Intuit by 3.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after purchasing an additional 16 shares in the last quarter. Fortitude Family Office LLC increased its position in shares of Intuit by 2.8% during the 2nd 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 raised its stake in shares of Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after buying an additional 16 shares in the last quarter. Gemmer Asset Management LLC boosted its stake in Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after buying an additional 16 shares in the last quarter. Finally, Hohimer Wealth Management LLC boosted its stake in Intuit by 0.9% during the fourth quarter. Hohimer Wealth Management LLC now owns 1,816 shares of the software maker’s stock valued at $1,135,000 after buying an additional 17 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Trading Down 1.8 %

Intuit stock opened at $633.07 on Thursday. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a market cap of $176.97 billion, a P/E ratio of 58.40, a P/E/G ratio of 3.14 and a beta of 1.24. The company’s fifty day simple moving average is $636.26 and its 200-day simple moving average is $631.30.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion for 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 business’s quarterly revenue was up 17.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.66%. The ex-dividend date is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Jefferies Financial Group upped their price target on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Barclays cut their price objective on Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Stifel Nicolaus lifted their target price on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Finally, Royal Bank of Canada started coverage on Intuit in a report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price for the company. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $720.37.

Insider Activity at Intuit

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

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.