Patten & Patten Inc. TN Has $10.91 Million Position in Intuit Inc. (NASDAQ:INTU)

Patten & Patten Inc. TN reduced its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,772 shares of the software maker's stock after selling 456 shares during the quarter. Patten & Patten Inc. TN's holdings in Intuit were worth $10,912,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. R Squared Ltd bought a new position in shares of Intuit during the fourth quarter valued at approximately $25,000. Copia Wealth Management bought a new position in shares of Intuit during the fourth quarter valued at approximately $25,000. NewSquare Capital LLC grew its holdings in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock valued at $27,000 after purchasing an additional 18 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Intuit during the fourth quarter valued at approximately $28,000. Finally, Summit Securities Group LLC bought a new position in shares of Intuit during the fourth quarter valued at approximately $28,000. 83.66% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Alex G. Balazs sold 1,459 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $770.80, for a total transaction of $1,124,597.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark P. Notarainni sold 469 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $725.00, for a total value of $340,025.00. Following the sale, the executive vice president now owns 19 shares of the company's stock, valued at $13,775. This trade represents a 96.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 225,592 shares of company stock worth $165,325,437. Insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Barclays reaffirmed an "overweight" rating and set a $815.00 target price (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. KeyCorp reaffirmed an "overweight" rating and set a $850.00 target price (up from $770.00) on shares of Intuit in a report on Friday, May 23rd. Jefferies Financial Group set a $850.00 price objective on Intuit and gave the stock a "buy" rating in a research report on Friday, May 23rd. Redburn Atlantic initiated coverage on Intuit in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $850.00 price objective (up from $760.00) on shares of Intuit in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $785.33.

Intuit Price Performance

INTU traded down $0.17 during trading on Thursday, reaching $766.64. The stock had a trading volume of 1,240,800 shares, compared to its average volume of 1,619,249. The firm has a market capitalization of $213.85 billion, a price-to-earnings ratio of 74.43, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $773.47. The stock has a 50 day moving average of $640.03 and a two-hundred day moving average of $624.89.

Intuit (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.88 earnings per share. As a group, equities analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The business 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 of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.54%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Intuit Company 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.