SVB Wealth LLC Sells 458 Shares of Intuit Inc. (NASDAQ:INTU)

SVB Wealth LLC lowered its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,192 shares of the software maker’s stock after selling 458 shares during the period. SVB Wealth LLC’s holdings in Intuit were worth $9,985,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of INTU. JFS Wealth Advisors LLC increased its stake in shares of Intuit by 1.0% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,564 shares of the software maker’s stock valued at $978,000 after purchasing an additional 16 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Intuit by 3.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock valued at $281,000 after purchasing an additional 16 shares in the last quarter. Fortitude Family Office LLC increased its stake 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 valued at $382,000 after purchasing an additional 16 shares in the last quarter. WASHINGTON TRUST Co increased its stake in shares of Intuit by 10.5% during the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after purchasing an additional 16 shares in the last quarter. Finally, Gemmer Asset Management LLC increased its stake in shares of Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after purchasing an additional 16 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $567.75, for a total transaction of $42,581,250.00. Following the completion of the sale, the insider now owns 6,626,721 shares in the company, valued at approximately $3,762,320,847.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,308 shares of company stock worth $67,651,926. 2.90% of the stock is owned by corporate insiders.

Intuit Stock Performance

Shares of Intuit stock traded down $6.36 on Friday, hitting $615.12. 999,734 shares of the company’s stock were exchanged, compared to its average volume of 1,330,498. The company has a 50-day simple moving average of $638.42 and a 200-day simple moving average of $632.43. The stock has a market capitalization of $171.95 billion, a PE ratio of 56.75, a PEG ratio of 3.08 and a beta of 1.23. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.50 and a current ratio of 1.29.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the company earned $0.40 EPS. Intuit’s revenue for the quarter was up 17.4% on a year-over-year basis. As a group, equities analysts anticipate that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. Intuit’s payout ratio is 38.38%.

Analyst Ratings Changes

A number of brokerages have weighed in on INTU. Jefferies Financial Group raised their target price on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and set a $768.00 price target (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Stifel Nicolaus raised their price target on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Wells Fargo & Company raised their price target on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research report on Tuesday, May 21st. Finally, KeyCorp raised their price target on shares of Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research report on Monday, May 20th. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $720.37.

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.