Intuit Inc. (NASDAQ:INTU) Shares Sold by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management L.P. reduced its holdings in Intuit Inc. by 5.2%, owning 14,273 shares valued at approximately $8.76 million after selling 783 shares.
• Wall Street analysts have raised their price targets for Intuit, with Bank of America setting a new target of $875, reflecting a positive outlook and a "buy" rating.
• Insider trading activity was significant, with two executives selling a combined 51,029 shares valued at over $38 million during the recent quarter.

Tocqueville Asset Management L.P. lowered its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 5.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,273 shares of the software maker's stock after selling 783 shares during the period. Tocqueville Asset Management L.P.'s holdings in Intuit were worth $8,763,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of INTU. Brighton Jones LLC raised its position in Intuit by 61.3% during the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock worth $2,233,000 after buying an additional 1,350 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of Intuit by 145.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after purchasing an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Intuit by 14.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock valued at $1,252,000 after purchasing an additional 248 shares in the last quarter. GeoWealth Management LLC increased its holdings in shares of Intuit by 5.6% in the 4th quarter. GeoWealth Management LLC now owns 3,390 shares of the software maker's stock valued at $2,131,000 after purchasing an additional 180 shares in the last quarter. Finally, Forum Financial Management LP increased its holdings in shares of Intuit by 29.6% in the 4th quarter. Forum Financial Management LP now owns 1,450 shares of the software maker's stock valued at $911,000 after purchasing an additional 331 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INTU. Bank of America increased their price target on shares of Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Stifel Nicolaus raised their target price on shares of Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Morgan Stanley raised their target price on shares of Intuit from $785.00 to $900.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Evercore ISI raised their target price on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a report on Friday, May 23rd. Finally, Hsbc Global Res upgraded shares of Intuit from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $809.86.

Insider Activity

In other Intuit news, EVP Kerry J. Mclean sold 16,700 shares of Intuit stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the transaction, the executive vice president directly owned 23,101 shares of the company's stock, valued at $16,844,325.16. The trade was a 41.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Marianna Tessel sold 34,329 shares of Intuit stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the transaction, the executive vice president directly owned 40,767 shares in the company, valued at approximately $31,017,164.28. This trade represents a 45.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 279,800 shares of company stock valued at $209,725,054 over the last quarter. 2.68% of the stock is owned by insiders.

Intuit Trading Up 0.9%

Shares of INTU stock opened at $716.74 on Friday. The stock has a market cap of $199.93 billion, a price-to-earnings ratio of 58.18, a price-to-earnings-growth ratio of 2.76 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 Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $813.70. The firm's 50 day moving average price is $763.75 and its two-hundred day moving average price is $671.53.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. Intuit's revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the company posted $9.88 earnings per share. On average, analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's payout ratio is 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.

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