AE Wealth Management LLC Sells 850 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• AE Wealth Management LLC reduced its holdings in Intuit Inc. by 14.2% in the 1st quarter, bringing its total to 5,129 shares, valued at approximately $3,149,000.
• Intuit's stock currently has an average rating of "Moderate Buy", with a target price averaging $800.55 according to recent analyst assessments.
• The company reported earnings of $11.65 per share for the last quarter, surpassing analysts' expectations and showing a 15.1% increase in revenue year-over-year.

AE Wealth Management LLC decreased its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 14.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,129 shares of the software maker's stock after selling 850 shares during the quarter. AE Wealth Management LLC's holdings in Intuit were worth $3,149,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Copia Wealth Management acquired a new position in shares of Intuit in the fourth quarter worth approximately $25,000. Summit Securities Group LLC bought a new stake in Intuit during the fourth quarter worth about $28,000. Heck Capital Advisors LLC bought a new position in Intuit during the 4th quarter worth approximately $28,000. Olde Wealth Management LLC purchased a new stake in shares of Intuit in the 1st quarter worth about $37,000. Finally, Atlantic Edge Private Wealth Management LLC increased its stake in shares of Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock valued at $50,000 after purchasing an additional 68 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Susquehanna reaffirmed a "positive" rating on shares of Intuit in a research note on Friday, May 23rd. UBS Group set a $750.00 price target on Intuit and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Oppenheimer increased their price objective on shares of Intuit from $742.00 to $868.00 and gave the stock an "outperform" rating in a research note on Monday. Piper Sandler reaffirmed an "overweight" rating and set a $825.00 target price (up previously from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Evercore ISI increased their price objective on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $806.27.

Intuit Trading Up 0.4%

Shares of INTU stock traded up $2.80 during mid-day trading on Tuesday, hitting $801.53. 585,563 shares of the company's stock were exchanged, compared to its average volume of 1,768,882. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $807.93. The stock has a 50-day simple moving average of $757.95 and a two-hundred day simple moving average of $657.44. The stock has a market cap of $223.59 billion, a price-to-earnings ratio of 65.06, a PEG ratio of 3.49 and a beta of 1.27. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company's revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the business earned $9.88 earnings per share. Equities analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Thursday, July 10th. Intuit's payout ratio is presently 33.77%.

Insider Buying and Selling

In related news, Director Richard L. Dalzell sold 333 shares of Intuit stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $768.43, for a total transaction of $255,887.19. Following the completion of the transaction, the director directly owned 15,474 shares of the company's stock, valued at $11,890,685.82. This trade represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 1,147 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $773.90, for a total transaction of $887,663.30. Following the sale, the executive vice president owned 19 shares of the company's stock, valued at $14,704.10. The trade was a 98.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 279,800 shares of company stock worth $209,725,054. Insiders own 2.68% of the company's stock.

Intuit 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.