Intuit Inc. (NASDAQ:INTU) Holdings Cut by Jessup Wealth Management Inc

Jessup Wealth Management Inc decreased its stake in Intuit Inc. (NASDAQ:INTU) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,291 shares of the software maker’s stock after selling 228 shares during the period. Intuit accounts for 3.1% of Jessup Wealth Management Inc’s portfolio, making the stock its 12th largest position. Jessup Wealth Management Inc’s holdings in Intuit were worth $7,339,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in INTU. Vanguard Group Inc. raised its stake in Intuit by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 25,331,318 shares of the software maker’s stock valued at $12,942,784,000 after acquiring an additional 117,478 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Intuit by 3.7% in the third quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock valued at $1,966,304,000 after acquiring an additional 137,198 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Brown Advisory Inc. lifted its position in Intuit by 2.3% in the fourth quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock worth $2,217,681,000 after purchasing an additional 80,517 shares during the period. Finally, Norges Bank acquired a new stake in Intuit in the fourth quarter worth approximately $2,101,848,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Up 0.7 %

Shares of INTU traded up $4.81 during midday trading on Friday, reaching $656.25. 683,003 shares of the stock were exchanged, compared to its average volume of 1,342,467. The company has a market cap of $183.45 billion, a price-to-earnings ratio of 60.10, a P/E/G ratio of 3.66 and a beta of 1.21. The firm has a 50 day simple moving average of $616.71 and a 200-day simple moving average of $627.26. Intuit Inc. has a 12-month low of $444.19 and a 12-month high of $676.62. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping the consensus estimate of $8.12 by $1.76. The company had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $7.80 earnings per share. Research analysts forecast that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Dividend Announcement

The business 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 $0.90 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.55%. Intuit’s dividend payout ratio is currently 33.21%.

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the transaction, the insider now directly owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Intuit news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the sale, the executive vice president now owns 869 shares of the company’s stock, valued at approximately $525,380.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott D. Cook sold 75,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The disclosure for this sale can be found here. In the last quarter, insiders sold 193,937 shares of company stock worth $113,123,232. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. KeyCorp upped their price objective on Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Stifel Nicolaus lowered their price objective on shares of Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. BMO Capital Markets restated an “outperform” rating and set a $700.00 target price on shares of Intuit in a report on Tuesday, March 26th. Erste Group Bank restated a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Finally, Susquehanna reduced their price objective on Intuit from $775.00 to $757.00 and set a “positive” rating for the company in a research note on Friday, May 24th. Five analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $679.41.

About Intuit

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.