Intuit Inc. (NASDAQ:INTU) Stock Position Reduced by Summit Global Investments

Summit Global Investments trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 64.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 994 shares of the software maker's stock after selling 1,779 shares during the quarter. Summit Global Investments' holdings in Intuit were worth $610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new position in shares of Intuit during the fourth quarter valued at about $25,000. Copia Wealth Management purchased a new position in shares of Intuit in the fourth quarter worth $25,000. NewSquare Capital LLC lifted its stake in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after buying an additional 18 shares during the period. Heck Capital Advisors LLC acquired a new stake in shares of Intuit during the fourth quarter worth $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Intuit in the 4th quarter valued at $28,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on INTU. Wells Fargo & Company restated an "overweight" rating and issued a $825.00 price objective (up from $775.00) on shares of Intuit in a research note on Friday, May 23rd. Susquehanna reissued a "positive" rating on shares of Intuit in a research report on Friday, May 23rd. UBS Group set a $750.00 price objective on shares of Intuit and gave the company a "neutral" rating in a research note on Friday, May 23rd. BMO Capital Markets reiterated an "outperform" rating and issued a $820.00 price objective (up previously from $714.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Bank of America boosted their target price on shares of Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. One research 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $785.33.

Insider Activity

In other Intuit news, insider Scott D. Cook sold 72,442 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the sale, the insider now directly owns 6,063,495 shares of the company's stock, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction dated Thursday, May 29th. The shares were 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 now owns 22,796 shares of the company's stock, valued at $17,148,291. This represents a 52.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 189,804 shares of company stock worth $138,081,963. 2.68% of the stock is currently owned by insiders.

Intuit Stock Up 0.7%

INTU stock traded up $5.22 during mid-day trading on Thursday, reaching $772.03. The company had a trading volume of 331,378 shares, compared to its average volume of 1,615,894. The firm has a fifty day simple moving average of $640.03 and a 200 day simple moving average of $624.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $215.36 billion, a price-to-earnings ratio of 74.87, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $773.47.

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

Intuit Announces Dividend

The firm 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 annualized dividend and a dividend yield of 0.54%. Intuit's dividend payout ratio is currently 33.77%.

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.