Central Bank & Trust Co. Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Central Bank & Trust Co. cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 6.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,101 shares of the software maker’s stock after selling 994 shares during the period. Intuit accounts for approximately 1.3% of Central Bank & Trust Co.’s investment portfolio, making the stock its 25th biggest holding. Central Bank & Trust Co.’s holdings in Intuit were worth $9,378,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in INTU. International Assets Investment Management LLC increased its holdings in shares of Intuit by 68,404.7% during the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after acquiring an additional 483,621 shares in the last quarter. SG Americas Securities LLC increased its stake in Intuit by 940.4% during the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock valued at $205,186,000 after purchasing an additional 285,328 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Intuit by 1.1% in the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after buying an additional 283,291 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Intuit during the second quarter worth $184,982,000. Finally, Ameriprise Financial Inc. grew its holdings in shares of Intuit by 17.3% during the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after buying an additional 238,486 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

INTU has been the subject of a number of research reports. Susquehanna reaffirmed a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. BMO Capital Markets raised their price target on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Barclays lowered their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Finally, Bank of America upped their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $735.71.

Intuit Stock Down 0.4 %

INTU stock opened at $619.01 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average of $622.95 and a two-hundred day moving average of $626.71. The company has a market cap of $173.50 billion, a price-to-earnings ratio of 59.24, a PEG ratio of 3.04 and a beta of 1.25. Intuit Inc. has a 12 month low of $494.35 and a 12 month high of $676.62.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping 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 company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were paid a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.67%. Intuit’s dividend payout ratio is 39.81%.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the transaction, the chief financial officer now directly owns 452 shares in the company, valued at approximately $279,010.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sandeep Aujla sold 4,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the sale, the chief financial officer now owns 452 shares in the company, valued at $279,010.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock worth $35,220,046 over the last quarter. 2.90% of the stock is currently owned by company insiders.

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.