ING Groep NV Sells 19,802 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• ING Groep NV reduced its stake in Intuit Inc. by 24.6%, selling 19,802 shares and retaining 60,835 shares worth approximately $37.35 million.
• Insiders, including EVP Kerry J. Mclean and CFO Sandeep Aujla, significantly sold their shares recently, reducing their holdings by 41.96% and 98.79%, respectively.
• Analysts have a consensus rating of "Moderate Buy" for Intuit shares, with various targets recently raised, including a new high target of $900.00 from CLSA.

ING Groep NV trimmed its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 24.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,835 shares of the software maker's stock after selling 19,802 shares during the quarter. ING Groep NV's holdings in Intuit were worth $37,352,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Copia Wealth Management acquired a new stake in shares of Intuit during the fourth quarter worth $25,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit during the fourth quarter worth $28,000. Olde Wealth Management LLC acquired a new stake in shares of Intuit during the first quarter worth $37,000. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after purchasing an additional 68 shares during the period. Finally, Hughes Financial Services LLC acquired a new stake in shares of Intuit in the 1st quarter worth about $50,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Trading Up 1.3%

Shares of INTU traded up $10.20 during mid-day trading on Wednesday, reaching $779.47. 1,154,150 shares of the company were exchanged, compared to its average volume of 1,457,064. The stock has a market capitalization of $217.43 billion, a PE ratio of 63.27, a PEG ratio of 2.96 and a beta of 1.28. The business has a 50 day simple moving average of $768.75 and a two-hundred day simple moving average of $664.40. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $813.70.

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, beating the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.88 earnings per share. On average, analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio is presently 33.77%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wells Fargo & Company set a $880.00 price objective on shares of Intuit and gave the stock an "overweight" rating in a report on Friday, June 13th. BMO Capital Markets increased their target price on shares of Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Oppenheimer increased their target price on shares of Intuit from $742.00 to $868.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $850.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Barclays restated an "overweight" rating and set a $815.00 price objective (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. One research 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $806.27.

Insider Transactions at Intuit

In other Intuit news, EVP Laura A. Fennell sold 25,648 shares of Intuit stock in a transaction on Thursday, May 29th. The stock was 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 approximately $17,148,291. The trade was a 52.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kerry J. Mclean sold 16,700 shares of Intuit stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the sale, the executive vice president directly owned 23,101 shares of the company's stock, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 279,800 shares of company stock worth $209,725,054. Company insiders own 2.68% of the company's stock.

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.