Commerce Bank Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• Commerce Bank increased its stake in Intuit Inc. by 3.4%, acquiring an additional 835 shares, bringing its total holdings to 25,479 shares worth approximately $15.64 million.
• Intuit recently reported earnings per share of $11.65 for the quarter, surpassing expectations, with revenues totaling $7.75 billion, reflecting a 15.1% year-over-year growth.
• The company declared a quarterly dividend of $1.04 per share, representing an annualized dividend yield of 0.5% and a payout ratio of approximately 33.77%.

Commerce Bank lifted its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 3.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 25,479 shares of the software maker's stock after purchasing an additional 835 shares during the period. Commerce Bank's holdings in Intuit were worth $15,644,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Copia Wealth Management purchased a new position in shares of Intuit in the 4th quarter valued at approximately $25,000. Heck Capital Advisors LLC acquired a new stake in Intuit during the fourth quarter worth about $28,000. Olde Wealth Management LLC acquired a new position in Intuit in the first quarter valued at approximately $37,000. Atlantic Edge Private Wealth Management LLC boosted its position in Intuit by 523.1% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after purchasing an additional 68 shares in the last quarter. Finally, Hughes Financial Services LLC acquired a new stake in shares of Intuit during the 1st quarter worth approximately $50,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Intuit

In other news, EVP Marianna Tessel sold 34,329 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total value of $26,118,876.36. Following the sale, the executive vice president directly owned 40,767 shares of the company's stock, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the transaction, the executive vice president directly owned 23,101 shares of the company's stock, valued at $16,844,325.16. The trade was a 41.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock valued at $209,725,054 over the last quarter. 2.68% of the stock is owned by insiders.

Intuit Trading Down 1.1%

NASDAQ:INTU traded down $8.98 during trading hours on Friday, hitting $776.15. The company had a trading volume of 1,490,057 shares, compared to its average volume of 1,456,620. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The company has a market cap of $216.51 billion, a P/E ratio of 63.00, a P/E/G ratio of 2.99 and a beta of 1.28. The company has a 50-day moving average of $767.11 and a 200 day moving average of $662.40. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29.

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

Intuit Dividend Announcement

The business also recently announced 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. This represents a $4.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is 33.77%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. CLSA assumed coverage on shares of Intuit in a report on Thursday, June 26th. They set an "outperform" rating and a $900.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Oppenheimer raised their target price on Intuit from $742.00 to $868.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. The Goldman Sachs Group upped their price target on Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, KeyCorp reiterated an "overweight" rating and set a $850.00 price target (up previously from $770.00) on shares of Intuit 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 assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $806.27.

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.