Intuit Inc. (NASDAQ:INTU) Shares Sold by Stonebridge Capital Management Inc.

Key Points

• Stonebridge Capital Management Inc. reduced its holdings in Intuit Inc. by 5.5%, now owning 10,760 shares, which constitutes about 2.9% of its investment portfolio.
• Intuit's latest quarterly earnings revealed an EPS of $11.65, exceeding estimates, along with a revenue of $7.75 billion, marking a year-over-year increase of 15.1%.
• The company's stock has seen significant analyst upgrades, with price targets increasing; for instance, Piper Sandler raised its target to $825.00.

Stonebridge Capital Management Inc. decreased its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,760 shares of the software maker's stock after selling 625 shares during the quarter. Intuit accounts for approximately 2.9% of Stonebridge Capital Management Inc.'s investment portfolio, making the stock its 9th largest holding. Stonebridge Capital Management Inc.'s holdings in Intuit were worth $6,607,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pinnacle Financial Partners Inc lifted its holdings in Intuit by 3.6% in the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock valued at $10,922,000 after acquiring an additional 623 shares during the period. Capitolis Liquid Global Markets LLC acquired a new position in Intuit in the fourth quarter valued at approximately $109,988,000. Financial Gravity Asset Management Inc. acquired a new position in Intuit in the first quarter valued at approximately $2,285,000. Malaga Cove Capital LLC lifted its holdings in Intuit by 110.6% in the first quarter. Malaga Cove Capital LLC now owns 874 shares of the software maker's stock valued at $537,000 after acquiring an additional 459 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Intuit in the fourth quarter valued at approximately $237,244,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Intuit Stock Performance

Shares of Intuit stock opened at $749.00 on Friday. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $813.70. The business's fifty day simple moving average is $769.27 and its 200-day simple moving average is $667.24. The firm has a market cap of $208.93 billion, a PE ratio of 60.80, a price-to-earnings-growth ratio of 2.93 and a beta of 1.28. 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 announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the company posted $9.88 EPS. The company's quarterly revenue was up 15.1% on a year-over-year basis. Equities analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.6%. Intuit's dividend payout ratio is presently 33.77%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Piper Sandler reissued 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. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price for the company in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. upped their target price on Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $850.00 target price (up from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, KeyCorp reaffirmed an "overweight" rating and set a $850.00 target price (up from $770.00) on shares of Intuit in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $806.27.

Insider Activity

In related news, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 22,796 shares of the company's stock, valued at approximately $17,148,291. This represents a 52.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction dated 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 transaction, the insider directly owned 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. The trade was a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 in the last quarter. Insiders own 2.68% of the company's stock.

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.

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