Bingham Private Wealth LLC Sells 567 Shares of Intuit Inc. (NASDAQ:INTU)

Bingham Private Wealth LLC cut its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 59.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 389 shares of the software maker's stock after selling 567 shares during the period. Bingham Private Wealth LLC's holdings in Intuit were worth $239,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Intuit by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock valued at $16,991,696,000 after acquiring an additional 353,185 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Intuit by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock worth $3,833,720,000 after purchasing an additional 132,384 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock worth $3,329,115,000 after purchasing an additional 620,559 shares during the last quarter. Norges Bank purchased a new position in shares of Intuit during the fourth quarter worth about $2,290,419,000. Finally, Brown Advisory Inc. grew its holdings in shares of Intuit by 7.9% during the first quarter. Brown Advisory Inc. now owns 3,444,600 shares of the software maker's stock worth $2,114,950,000 after purchasing an additional 252,265 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Lauren D. Hotz sold 1,738 shares of the company's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $784.09, for a total transaction of $1,362,748.42. Following the transaction, the chief accounting officer directly owned 455 shares in the company, valued at approximately $356,760.95. This represents a 79.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alex G. Balazs sold 882 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total transaction of $689,397.66. The disclosure for this sale can be found here. In the last three months, insiders sold 279,800 shares of company stock valued at $209,725,054. Corporate insiders own 2.68% of the company's stock.

Intuit Price Performance

NASDAQ:INTU traded down $2.74 during trading hours on Friday, reaching $752.63. 1,504,966 shares of the company's stock were exchanged, compared to its average volume of 1,626,739. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $209.95 billion, a P/E ratio of 61.09, a price-to-earnings-growth ratio of 3.34 and a beta of 1.27. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $790.60. The business's 50-day simple moving average is $743.99 and its two-hundred day simple moving average is $650.77.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The company had revenue of $7.75 billion during 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 quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $9.88 EPS. Sell-side analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were paid a dividend of $1.04 per share. The ex-dividend date was Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.55%. Intuit's dividend payout ratio is 33.77%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on INTU. BMO Capital Markets set a $870.00 target price on shares of Intuit and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Oppenheimer restated an "outperform" rating and issued a $742.00 price objective (up previously from $642.00) on shares of Intuit in a research report on Friday, May 23rd. Susquehanna restated a "positive" rating on shares of Intuit in a research report on Friday, May 23rd. Evercore ISI raised their price objective on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Finally, Wells Fargo & Company set a $880.00 price target on shares of Intuit and gave the company an "overweight" rating in a research report on Friday, June 13th. One 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 company. According to data from MarketBeat.com, Intuit currently has a consensus rating of "Moderate Buy" and a consensus price target of $800.55.

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.