Covenant Asset Management LLC Decreases Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Covenant Asset Management LLC trimmed its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 91.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 371 shares of the software maker's stock after selling 3,826 shares during the period. Covenant Asset Management LLC's holdings in Intuit were worth $228,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its position in Intuit by 61.3% during the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock valued at $2,233,000 after acquiring an additional 1,350 shares during the last quarter. Revolve Wealth Partners LLC grew its position in Intuit by 145.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after acquiring an additional 482 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in Intuit by 14.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock valued at $1,252,000 after acquiring an additional 248 shares during the last quarter. Proficio Capital Partners LLC boosted its stake in shares of Intuit by 78.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,693 shares of the software maker's stock valued at $1,064,000 after purchasing an additional 746 shares during the period. Finally, Madison Investment Advisors LLC purchased a new stake in shares of Intuit during the fourth quarter valued at approximately $5,367,000. 83.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on INTU shares. The Goldman Sachs Group increased their price objective on Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Morgan Stanley increased their price objective on Intuit from $785.00 to $900.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. CLSA started coverage on Intuit in a research note on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price target for the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $850.00 price target (up previously from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and raised their price target for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Intuit currently has a consensus rating of "Moderate Buy" and an average price target of $800.55.

Intuit Stock Performance

NASDAQ INTU traded down $2.74 during trading hours on Friday, hitting $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 12 month low of $532.65 and a 12 month high of $790.60. The company's 50 day simple moving average is $743.99 and its two-hundred day simple moving average is $650.77. The company has a market cap of $209.95 billion, a P/E ratio of 61.09, a price-to-earnings-growth ratio of 3.34 and a beta of 1.27. 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 (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, beating analysts' consensus estimates 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 period in the previous year, the company posted $9.88 EPS. The business's quarterly revenue was up 15.1% compared to the same quarter last year. As a group, sell-side analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were issued a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. Intuit's dividend payout ratio is presently 33.77%.

Insider Buying and Selling

In related news, CFO Sandeep Aujla sold 16,061 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total value of $11,662,373.93. Following the transaction, the chief financial officer directly owned 197 shares of the company's stock, valued at approximately $143,047.61. The trade was a 98.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Laura A. Fennell sold 25,648 shares of Intuit 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 disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 in the last quarter. 2.68% of the stock is owned by insiders.

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.