Commonwealth Equity Services LLC Sells 12,225 Shares of Intuit Inc. (NASDAQ:INTU)

Commonwealth Equity Services LLC lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 20.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 48,130 shares of the software maker’s stock after selling 12,225 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Intuit were worth $31,632,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of INTU. Cultivar Capital Inc. bought a new position in Intuit in the 2nd quarter valued at $26,000. West Branch Capital LLC grew its position in Intuit by 79.2% in the 1st quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after acquiring an additional 19 shares during the last quarter. Hobbs Group Advisors LLC bought a new position in Intuit in the 2nd quarter valued at $35,000. Sachetta LLC bought a new position in shares of Intuit during the 4th quarter worth $39,000. Finally, J.Safra Asset Management Corp bought a new position in shares of Intuit during the 2nd quarter worth $39,000. Institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on INTU. KeyCorp increased their price target on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Wells Fargo & Company increased their price target on Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. Jefferies Financial Group increased their price target on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Citigroup increased their price target on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $716.35.

Intuit Price Performance

INTU stock opened at $630.26 on Monday. Intuit Inc. has a 52-week low of $473.56 and a 52-week high of $676.62. The stock’s fifty day simple moving average is $640.13 and its 200-day simple moving average is $633.32. The company has a quick ratio of 1.50, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $176.19 billion, a price-to-earnings ratio of 58.14, a price-to-earnings-growth ratio of 3.08 and a beta of 1.23.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share 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 analysts’ expectations of $3.08 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. Equities research analysts expect that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is currently 33.21%.

Insiders Place Their Bets

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was 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 $2,170,682.91. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction dated 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 directly owns 1,020 shares in the company, valued at $664,020. The disclosure for this sale can be found here. Insiders have sold a total of 104,367 shares of company stock worth $60,118,991 over the last quarter. 2.90% of the stock is owned by corporate insiders.

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.