Concord Wealth Partners Has $1.82 Million Holdings in Intuit Inc. (NASDAQ:INTU)

Concord Wealth Partners lifted its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 59.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,956 shares of the software maker's stock after acquiring an additional 1,105 shares during the quarter. Concord Wealth Partners' holdings in Intuit were worth $1,815,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Copia Wealth Management bought a new stake in shares of Intuit in the 4th quarter worth about $25,000. Summit Securities Group LLC purchased a new position in Intuit in the 4th quarter worth about $28,000. Heck Capital Advisors LLC purchased a new position in Intuit in the 4th quarter worth about $28,000. VSM Wealth Advisory LLC purchased a new position in Intuit in the 4th quarter worth about $35,000. Finally, Olde Wealth Management LLC purchased a new position in Intuit in the 1st quarter worth about $37,000. Institutional investors own 83.66% of the company's stock.

Insider Buying and Selling

In other news, EVP Laura A. Fennell sold 25,648 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $752.25, for a total value of $19,293,708.00. Following the completion of the sale, the executive vice president directly owned 22,796 shares in the company, valued at approximately $17,148,291. The trade was a 52.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 16,061 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total value of $11,662,373.93. Following the completion of the sale, the chief financial officer owned 197 shares of the company's stock, valued at $143,047.61. This trade represents a 98.79% decrease in their ownership of the stock. 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 90 days. 2.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

INTU has been the topic of several recent analyst reports. Morgan Stanley raised their price target on shares of Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Stifel Nicolaus raised their target price on shares of Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. BMO Capital Markets set a $870.00 target price on shares of Intuit and gave the company an "outperform" rating in a research report on Thursday, July 10th. Wells Fargo & Company set a $880.00 target price on shares of Intuit and gave the company an "overweight" rating in a research report on Friday, June 13th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $850.00 price objective (up previously from $770.00) on shares of Intuit in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Intuit presently has an average rating of "Moderate Buy" and a consensus price target of $800.55.

Intuit Price Performance

Intuit stock traded down $2.74 during midday trading on Friday, reaching $752.63. The company's stock had a trading volume of 1,504,966 shares, compared to its average volume of 1,626,739. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $790.60. 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 stock's 50 day simple moving average is $743.99 and its 200 day simple moving average is $650.77. The firm has a market capitalization of $209.95 billion, a PE ratio of 61.09, a P/E/G ratio of 3.34 and a beta of 1.27.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings results 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. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the previous year, the company posted $9.88 EPS. The business's revenue was up 15.1% on a year-over-year basis. On average, equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

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