State of Wisconsin Investment Board cut its holdings in Intuit Inc. (NASDAQ:INTU) by 21.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 219,495 shares of the software maker’s stock after selling 59,245 shares during the quarter. State of Wisconsin Investment Board owned approximately 0.08% of Intuit worth $57,378,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in INTU. Financial Advantage Inc. acquired a new position in Intuit in the 1st quarter worth approximately $26,000. CX Institutional boosted its position in Intuit by 85.5% in the 1st quarter. CX Institutional now owns 102 shares of the software maker’s stock worth $27,000 after purchasing an additional 47 shares in the last quarter. Athena Capital Advisors LLC purchased a new stake in Intuit in the 4th quarter worth approximately $28,000. Financial Gravity Wealth Inc. purchased a new stake in Intuit in the 1st quarter worth approximately $28,000. Finally, Private Ocean LLC purchased a new stake in Intuit in the 1st quarter worth approximately $28,000. 87.92% of the stock is owned by institutional investors.
Intuit stock traded up $3.34 during midday trading on Friday, reaching $261.33. 750,683 shares of the stock traded hands, compared to its average volume of 1,503,911. The business has a 50-day simple moving average of $252.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.85 and a current ratio of 1.85. The firm has a market capitalization of $67.75 billion, a price-to-earnings ratio of 57.69, a PEG ratio of 2.91 and a beta of 1.10. Intuit Inc. has a 12-month low of $182.61 and a 12-month high of $272.14.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 0.72%. The ex-dividend date is Tuesday, July 9th. Intuit’s dividend payout ratio (DPR) is 41.50%.
A number of brokerages have recently issued reports on INTU. BidaskClub upgraded Intuit from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Morgan Stanley decreased their target price on Intuit from $245.00 to $239.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 16th. KeyCorp decreased their price objective on Intuit from $285.00 to $280.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Jefferies Financial Group raised their price objective on Intuit from $272.00 to $300.00 and gave the company a “buy” rating in a report on Friday, May 24th. Finally, Barclays raised their price objective on Intuit from $225.00 to $237.00 and gave the company an “equal weight” rating in a report on Friday, May 24th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. Intuit has an average rating of “Buy” and a consensus price target of $252.55.
In other news, Chairman Scott D. Cook sold 133,334 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $262.87, for a total value of $35,049,508.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michelle M. Clatterbuck sold 10,628 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $256.27, for a total value of $2,723,637.56. Following the completion of the transaction, the chief financial officer now directly owns 10,628 shares in the company, valued at approximately $2,723,637.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 277,296 shares of company stock worth $72,342,898. 4.60% of the stock is currently owned by corporate insiders.
Intuit Company Profile
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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