Commonwealth Equity Services LLC Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Key Points

• Commonwealth Equity Services LLC has reduced its holdings in Intuit Inc. by 4.4%, now owning 40,629 shares valued at approximately $24.9 million.
• Intuit reported a quarterly earnings per share (EPS) of $11.65, exceeding analysts' expectations of $10.89, along with a revenue of $7.75 billion for the quarter, a 15.1% increase year-over-year.
• Analysts have shown positive sentiment towards Intuit's stock, with various upgrades raising price targets, leading to a consensus target price of $806.27 and a majority "buy" rating.

Commonwealth Equity Services LLC decreased its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 4.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,629 shares of the software maker's stock after selling 1,889 shares during the quarter. Commonwealth Equity Services LLC's holdings in Intuit were worth $24,946,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Copia Wealth Management bought a new position in Intuit during the 4th quarter valued at about $25,000. Heck Capital Advisors LLC bought a new position in Intuit in the 4th quarter worth about $28,000. Olde Wealth Management LLC bought a new position in Intuit in the 1st quarter worth about $37,000. Atlantic Edge Private Wealth Management LLC grew its stake 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 acquiring an additional 68 shares in the last quarter. Finally, Hughes Financial Services LLC bought a new position in Intuit in the 1st quarter worth about $50,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Buying and Selling at Intuit

In related news, CAO Lauren D. Hotz sold 1,738 shares of Intuit stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $784.09, for a total value of $1,362,748.42. Following the completion of the transaction, the chief accounting officer owned 455 shares in the company, valued at approximately $356,760.95. The trade was a 79.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard L. Dalzell sold 333 shares of Intuit stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is currently owned by company insiders.

Intuit Stock Performance

Shares of NASDAQ:INTU traded down $12.61 during midday trading on Friday, reaching $749.00. The company's stock had a trading volume of 1,670,219 shares, compared to its average volume of 1,423,083. 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 firm has a market capitalization of $208.93 billion, a PE ratio of 60.80, a P/E/G ratio of 2.93 and a beta of 1.28. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $813.70. The stock has a fifty day moving average of $769.27 and a 200 day moving average of $667.24.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping 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 net margin of 19.07% and a return on equity of 21.46%. The company's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period last year, the firm posted $9.88 earnings per share. On average, equities analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were given a dividend of $1.04 per share. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.6%. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on INTU shares. JPMorgan Chase & Co. upped their target price on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $850.00 price target (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Wall Street Zen raised shares of Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. CLSA assumed coverage on shares of Intuit in a research report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price target for the company. Finally, Morgan Stanley upped their price target on shares of Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. One 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.