Dearborn Partners LLC Has $34.92 Million Stock Position in Intuit Inc. (NASDAQ:INTU)

Dearborn Partners LLC trimmed its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 56,238 shares of the software maker’s stock after selling 2,123 shares during the period. Dearborn Partners LLC’s holdings in Intuit were worth $34,924,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Fortitude Family Office LLC raised its holdings in shares of Intuit by 2.8% during the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after acquiring an additional 16 shares in the last quarter. WASHINGTON TRUST Co raised its holdings in 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 acquiring an additional 16 shares during the period. Gemmer Asset Management LLC increased its stake in shares of Intuit by 3.7% in the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares during the period. PFG Investments LLC lifted its position in shares of Intuit by 1.1% during the 2nd quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock worth $1,024,000 after purchasing an additional 17 shares during the last quarter. Finally, Plancorp LLC boosted its stake in Intuit by 2.0% during the 2nd quarter. Plancorp LLC now owns 881 shares of the software maker’s stock valued at $579,000 after purchasing an additional 17 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on INTU. Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research note on Friday, September 27th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Jefferies Financial Group lifted 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. Finally, BMO Capital Markets increased their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $735.71.

Intuit Price Performance

Shares of INTU opened at $700.76 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 twelve month low of $552.68 and a twelve month high of $714.78. The stock has a market capitalization of $196.42 billion, a P/E ratio of 67.06, a P/E/G ratio of 3.45 and a beta of 1.25. The company has a 50 day moving average of $630.03 and a 200-day moving average of $629.21.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the business earned $0.40 EPS. The company’s revenue was up 17.4% compared to the same quarter last year. As a group, equities research analysts forecast that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were issued a dividend of $1.04 per share. The ex-dividend date was Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.59%. Intuit’s payout ratio is presently 39.81%.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. This trade represents a 18.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Scott D. Cook sold 2,461 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. This trade represents a 0.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock worth $35,220,046 over the last ninety days. 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.