GAM Holding AG Reduces Position in Intuit Inc. (NASDAQ:INTU)

GAM Holding AG trimmed its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 2.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,919 shares of the software maker's stock after selling 502 shares during the quarter. Intuit makes up 0.9% of GAM Holding AG's investment portfolio, making the stock its 26th largest position. GAM Holding AG's holdings in Intuit were worth $12,230,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Copia Wealth Management purchased a new position in Intuit in the fourth quarter valued at $25,000. NewSquare Capital LLC boosted its position in shares of Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after acquiring an additional 18 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of Intuit during the 4th quarter worth about $28,000. Heck Capital Advisors LLC purchased a new position in shares of Intuit in the 4th quarter valued at about $28,000. Finally, VSM Wealth Advisory LLC acquired a new stake in shares of Intuit during the 4th quarter worth about $35,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Up 0.8%

Shares of NASDAQ INTU opened at $761.14 on Friday. The stock has a market capitalization of $212.32 billion, a price-to-earnings ratio of 61.78, a price-to-earnings-growth ratio of 3.36 and a beta of 1.28. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $773.45. The firm has a 50-day moving average price of $682.89 and a 200 day moving average price of $634.57. 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 posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The company had revenue of $7.75 billion during 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 earned $9.88 EPS. Equities research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

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

Insider Buying and Selling at Intuit

In related news, insider Scott D. Cook sold 62,816 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $765.99, for a total value of $48,116,427.84. Following the sale, the insider now directly owns 6,000,679 shares in the company, valued at $4,596,460,107.21. The trade was a 1.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 16,061 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the sale, the chief financial officer now directly owns 197 shares in the company, valued at approximately $143,047.61. The trade was a 98.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 279,321 shares of company stock valued at $207,988,705. Insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INTU. Piper Sandler reaffirmed an "overweight" rating and issued a $825.00 price target (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. UBS Group set a $750.00 target price on shares of Intuit and gave the company a "neutral" rating in a report on Friday, May 23rd. Morgan Stanley reaffirmed an "overweight" rating and issued a $785.00 target price (up from $720.00) on shares of Intuit in a research report on Friday, May 23rd. Mizuho boosted their price target on shares of Intuit from $750.00 to $765.00 and gave the company an "outperform" rating in a research report on Monday, March 3rd. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $820.00 price objective (up previously from $714.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Intuit has an average rating of "Moderate Buy" and a consensus target price of $787.95.

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.

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