Thrive Wealth Management LLC Has $1.32 Million Holdings in Intuit Inc. (NASDAQ:INTU)

Thrive Wealth Management LLC lessened its position in shares of Intuit Inc. (NASDAQ:INTU) by 13.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,034 shares of the software maker’s stock after selling 318 shares during the quarter. Thrive Wealth Management LLC’s holdings in Intuit were worth $1,322,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in Intuit during the 4th quarter valued at $2,101,848,000. Wellington Management Group LLP lifted its stake in Intuit by 173.0% during the 4th 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 in the last quarter. Lone Pine Capital LLC bought a new position in Intuit during the 4th quarter valued at $467,852,000. Parnassus Investments LLC lifted its stake in Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after acquiring an additional 727,185 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Intuit by 60,534.9% during the 4th quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock valued at $295,609,000 after acquiring an additional 472,172 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 1,415 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the sale, the chief financial officer now directly owns 2,332 shares in the company, valued at $1,409,880.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction dated 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 completion of the sale, the insider now directly owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 1,415 shares of Intuit stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the transaction, the chief financial officer now owns 2,332 shares in the company, valued at approximately $1,409,880.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,937 shares of company stock valued at $113,123,232. 2.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

INTU has been the subject of several recent research reports. BMO Capital Markets reissued an “outperform” rating and issued a $700.00 price objective on shares of Intuit in a report on Tuesday, March 26th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research report on Monday, May 27th. Stifel Nicolaus dropped their target price on Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Jefferies Financial Group restated a “buy” rating and issued a $770.00 target price on shares of Intuit in a research report on Thursday, June 13th. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $679.41.

Intuit Stock Performance

INTU traded up $2.31 during midday trading on Friday, reaching $653.75. The company had a trading volume of 67,161 shares, compared to its average volume of 1,337,500. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average of $616.71 and a two-hundred day moving average of $627.26. The company has a market cap of $182.76 billion, a P/E ratio of 60.10, a P/E/G ratio of 3.66 and a beta of 1.21. Intuit Inc. has a 1 year low of $444.19 and a 1 year high of $676.62.

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

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Wednesday, July 10th. Intuit’s dividend payout ratio (DPR) is presently 33.21%.

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.