Axxcess Wealth Management LLC Trims Stock Position in Intuit Inc. (NASDAQ:INTU)

Axxcess Wealth Management LLC lessened its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 14.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,462 shares of the software maker's stock after selling 1,264 shares during the quarter. Axxcess Wealth Management LLC's holdings in Intuit were worth $4,581,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pinnacle Financial Partners Inc raised its stake in Intuit by 3.6% in the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock valued at $10,922,000 after purchasing an additional 623 shares in the last quarter. Capitolis Liquid Global Markets LLC acquired a new position in Intuit in the fourth quarter valued at about $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Intuit in the fourth quarter valued at about $237,244,000. Baer Investment Advisory LLC acquired a new position in Intuit during the fourth quarter worth about $3,261,000. Finally, Trinity Street Asset Management LLP acquired a new position in Intuit during the first quarter worth about $12,061,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Evercore ISI upped their price objective on Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. The Goldman Sachs Group upped their price objective on Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Barclays reaffirmed an "overweight" rating and issued a $815.00 price objective (up previously from $775.00) on shares of Intuit in a research note on Friday, May 23rd. HSBC upgraded Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price on the stock in a report on Wednesday, April 23rd. Finally, Oppenheimer reiterated an "outperform" rating and issued a $742.00 target price (up from $642.00) on shares of Intuit in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $800.55.

Insider Activity

In related news, EVP Mark P. Notarainni sold 1,147 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total transaction of $887,663.30. Following the sale, the executive vice president directly owned 19 shares of the company's stock, valued at $14,704.10. This trade represents a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alex G. Balazs sold 882 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $781.63, for a total value of $689,397.66. The disclosure for this sale can be found here. Insiders sold a total of 279,800 shares of company stock worth $209,725,054 over the last ninety days. 2.68% of the stock is currently owned by corporate insiders.

Intuit Price Performance

Shares of INTU traded down $21.69 during mid-day trading on Thursday, hitting $747.90. 1,782,049 shares of the stock were exchanged, compared to its average volume of 1,622,015. The company has a market cap of $208.63 billion, a PE ratio of 60.71, a price-to-earnings-growth ratio of 3.48 and a beta of 1.27. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $790.60. The firm has a 50-day moving average of $728.22 and a two-hundred day moving average of $645.23. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45.

Intuit (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating the consensus estimate of $10.89 by $0.76. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.88 EPS. On average, equities analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Thursday, July 10th. Intuit's dividend payout ratio (DPR) is currently 33.77%.

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.