Envestnet Asset Management Inc. Sells 47,785 Shares of Intuit Inc. (NASDAQ:INTU)

Envestnet Asset Management Inc. decreased its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 922,292 shares of the software maker's stock after selling 47,785 shares during the period. Envestnet Asset Management Inc. owned 0.33% of Intuit worth $566,278,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Copia Wealth Management acquired a new stake in Intuit during the 4th quarter valued at approximately $25,000. Summit Securities Group LLC acquired a new stake in shares of Intuit during the fourth quarter worth $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit during the fourth quarter worth $28,000. VSM Wealth Advisory LLC bought a new position in Intuit during the fourth quarter worth $35,000. Finally, Olde Wealth Management LLC acquired a new position in Intuit in the first quarter valued at $37,000. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on INTU shares. Evercore ISI boosted their target price on Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Barclays reissued an "overweight" rating and set a $815.00 price objective (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. Piper Sandler reiterated an "overweight" rating and issued a $825.00 target price (up previously from $785.00) on shares of Intuit in a research note on Friday, May 23rd. BMO Capital Markets reaffirmed an "outperform" rating and issued a $820.00 price objective (up from $714.00) on shares of Intuit in a report on Friday, May 23rd. Finally, The Goldman Sachs Group boosted their target price on shares of Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a report on Monday, May 19th. One investment 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $798.27.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider directly owned 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. The trade was a 1.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Marianna Tessel sold 34,329 shares of Intuit stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the completion of the transaction, the executive vice president owned 40,767 shares in the company, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 275,661 shares of company stock valued at $206,491,776. 2.68% of the stock is currently owned by corporate insiders.

Intuit Price Performance

Shares of INTU stock traded up $2.97 during trading on Monday, hitting $783.61. The company had a trading volume of 1,294,877 shares, compared to its average volume of 1,618,567. The stock's 50-day moving average is $718.90 and its two-hundred day moving average is $642.43. The stock has a market capitalization of $218.59 billion, a price-to-earnings ratio of 63.60, a price-to-earnings-growth ratio of 3.47 and a beta of 1.27. 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 Inc. has a 52 week low of $532.65 and a 52 week high of $790.60.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. The business 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%. The business's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.88 EPS. As a group, analysts predict 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 will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.53%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

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.