Bank of New York Mellon Corp Cuts Position in Intuit Inc. (NASDAQ:INTU)

Bank of New York Mellon Corp decreased its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,295,389 shares of the software maker's stock after selling 90,839 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.82% of Intuit worth $1,409,346,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of INTU. Ethos Financial Group LLC lifted its holdings in Intuit by 3.7% during the 4th quarter. Ethos Financial Group LLC now owns 508 shares of the software maker's stock worth $319,000 after buying an additional 18 shares during the period. Legacy Investment Solutions LLC lifted its holdings in Intuit by 18.0% during the 4th quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after buying an additional 18 shares during the period. Financial Management Professionals Inc. lifted its holdings in Intuit by 18.4% during the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock worth $71,000 after buying an additional 18 shares during the period. Chris Bulman Inc lifted its holdings in Intuit by 1.2% during the 1st quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after buying an additional 18 shares during the period. Finally, Plancorp LLC lifted its holdings in Intuit by 2.2% during the 4th quarter. Plancorp LLC now owns 889 shares of the software maker's stock worth $559,000 after buying an additional 19 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Insider Activity

In other news, CAO Lauren D. Hotz sold 1,738 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $784.09, for a total value of $1,362,748.42. Following the transaction, the chief accounting officer owned 455 shares in the company, valued at $356,760.95. The trade was a 79.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 1,147 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total value of $887,663.30. Following the completion of the transaction, the executive vice president owned 19 shares in the company, 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 three months, insiders sold 275,661 shares of company stock worth $206,491,776. Company insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. CLSA assumed coverage on Intuit in a report on Thursday, June 26th. They set an "outperform" rating and a $900.00 target price on the stock. Evercore ISI lifted their price objective on Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $850.00 price objective (up from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Citigroup reissued a "buy" rating and issued a $789.00 price objective (up from $726.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Bank of America lifted their price objective on Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $798.27.

Intuit Stock Up 0.4%

INTU traded up $2.97 during midday trading on Monday, reaching $783.61. 1,294,877 shares of the company were exchanged, compared to its average volume of 1,618,568. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The company's fifty day moving average price is $722.21 and its 200 day moving average price is $643.41. The company has a market cap of $218.59 billion, a price-to-earnings ratio of 63.60, a price-to-earnings-growth ratio of 3.47 and a beta of 1.27. Intuit Inc. has a one year low of $532.65 and a one year high of $790.60.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $9.88 EPS. As a group, analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date is Thursday, July 10th. Intuit's dividend payout ratio is currently 33.77%.

Intuit Company 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.