Envestnet Portfolio Solutions Inc. Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

Envestnet Portfolio Solutions Inc. decreased its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 15.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,271 shares of the software maker's stock after selling 4,227 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Intuit were worth $14,288,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Copia Wealth Management purchased a new position in shares of Intuit in the 4th quarter worth about $25,000. NewSquare Capital LLC lifted its position in Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after buying an additional 18 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Intuit in the fourth quarter worth approximately $28,000. Heck Capital Advisors LLC bought a new position in Intuit during the fourth quarter valued at approximately $28,000. Finally, VSM Wealth Advisory LLC bought a new position in Intuit during the fourth quarter valued at approximately $35,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Trading Up 0.8%

INTU stock traded up $6.31 during trading on Friday, reaching $761.14. The company had a trading volume of 2,631,919 shares, compared to its average volume of 1,618,359. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $773.45. The business has a 50 day moving average of $682.89 and a 200 day moving average of $634.57. The company has a market cap of $212.32 billion, a P/E ratio of 61.78, a PEG ratio of 3.36 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last announced its 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. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business's revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $9.88 EPS. As a group, sell-side analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's dividend payout ratio is 33.77%.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of recent research reports. Royal Bank Of Canada restated an "outperform" rating and issued a $850.00 price objective (up from $760.00) on shares of Intuit in a report on Friday, May 23rd. Oppenheimer reissued an "outperform" rating and issued a $742.00 price target (up from $642.00) on shares of Intuit in a research note on Friday, May 23rd. Citigroup reaffirmed a "buy" rating and set a $789.00 price objective (up from $726.00) on shares of Intuit in a research note on Friday, May 23rd. HSBC upgraded Intuit from a "hold" rating to a "buy" rating and set a $699.00 price objective on the stock in a report on Wednesday, April 23rd. Finally, Mizuho increased their target price on Intuit from $750.00 to $765.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $787.95.

Insider Buying and Selling at Intuit

In other Intuit news, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the sale, the insider now directly owns 6,063,495 shares of the company's stock, valued at approximately $4,494,808,208.55. The trade was a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares in the company, valued at approximately $13,401,849.72. This represents a 27.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 279,321 shares of company stock valued at $207,988,705. Corporate insiders own 2.68% of the company's stock.

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.