Eastern Bank Has $699,000 Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• Eastern Bank sold 331 shares of Intuit Inc., reducing its holdings in the company by 22.5% during the first quarter, now owning 1,139 shares worth approximately $699,000.
• Analysts show a positive outlook for Intuit, with multiple firms upgrading their ratings and raising price targets, including a recent target of $880 from Wells Fargo.
• Insiders at Intuit sold a significant volume of shares recently, with the CFO disposing of 2,591 shares valued over $2 million, representing a 77.14% decrease in their personal holdings.

Eastern Bank lowered its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 22.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,139 shares of the software maker's stock after selling 331 shares during the period. Eastern Bank's holdings in Intuit were worth $699,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC increased its position in shares of Intuit by 18.0% in the 4th quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after purchasing an additional 18 shares during the last quarter. Financial Management Professionals Inc. boosted its holdings in shares of Intuit by 18.4% in the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock valued at $71,000 after buying an additional 18 shares during the period. Chris Bulman Inc boosted its holdings in shares of Intuit by 1.2% in the 1st quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock valued at $935,000 after buying an additional 18 shares during the period. Kolinsky Wealth Management LLC boosted its stake in Intuit by 1.6% during the 4th quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock valued at $749,000 after purchasing an additional 19 shares during the period. Finally, Norden Group LLC boosted its stake in Intuit by 1.2% during the 1st quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock valued at $1,021,000 after purchasing an additional 19 shares during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Activity at Intuit

In related news, EVP Kerry J. Mclean sold 16,700 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total value of $12,176,972.00. Following the transaction, the executive vice president directly owned 23,101 shares in the company, valued at approximately $16,844,325.16. This trade represents a 41.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Laura A. Fennell sold 25,648 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $752.25, for a total transaction of $19,293,708.00. Following the completion of the transaction, the executive vice president owned 22,796 shares in the company, valued at $17,148,291. The trade was a 52.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock worth $209,725,054 over the last quarter. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Down 1.1%

Shares of INTU traded down $8.98 during mid-day trading on Friday, hitting $776.15. 1,490,057 shares of the company's stock were exchanged, compared to its average volume of 1,382,113. The firm has a fifty day moving average of $767.11 and a two-hundred day moving average of $661.74. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $813.70. The stock has a market cap of $216.51 billion, a price-to-earnings ratio of 63.00, a P/E/G ratio of 3.48 and a beta of 1.28. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the business posted $9.88 EPS. Intuit's quarterly revenue was up 15.1% on a year-over-year basis. On average, sell-side analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders 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 dividend yield of 0.5%. Intuit's dividend payout ratio is 33.77%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on INTU shares. UBS Group set a $750.00 target price on shares of Intuit and gave the company a "neutral" rating in a research note on Friday, May 23rd. CLSA began coverage on shares of Intuit in a research note on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price target for the company. Wall Street Zen raised shares of Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Citigroup reissued a "buy" rating and set a $789.00 target price (up from $726.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Stifel Nicolaus boosted their price target on shares of Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a 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. According to data from MarketBeat.com, Intuit has a consensus rating of "Moderate Buy" and an average target price of $806.27.

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.