Intuit Inc. (NASDAQ:INTU) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank has reduced its holdings in Intuit Inc. by 21.7% in the first quarter, now owning approximately 134,449 shares valued at $82.55 million.
• Intuit's stock recently reached a price of $785.95, with a 52-week high of $790.60 and a low of $532.65, reflecting investor interest and confidence in its performance.
• Analysts have generally upgraded their ratings on Intuit, with Wall Street Zen moving it from a "hold" to a "buy" rating, and multiple firms raising their price targets, indicating strong market sentiment.

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 21.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 134,449 shares of the software maker's stock after selling 37,156 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Intuit were worth $82,550,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in INTU. Copia Wealth Management acquired a new position in Intuit during the 4th quarter worth about $25,000. Summit Securities Group LLC acquired a new position in Intuit during the 4th quarter worth about $28,000. Heck Capital Advisors LLC acquired a new position in Intuit during the 4th quarter worth about $28,000. Olde Wealth Management LLC acquired a new position in Intuit during the 1st quarter worth about $37,000. Finally, Atlantic Edge Private Wealth Management LLC lifted its stake in Intuit by 523.1% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after acquiring an additional 68 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INTU has been the subject of several recent research reports. Stifel Nicolaus lifted their price objective on Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Wells Fargo & Company set a $880.00 price target on Intuit and gave the stock an "overweight" rating in a research note on Friday, June 13th. Wall Street Zen upgraded Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. The Goldman Sachs Group lifted their target price on Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, HSBC upgraded Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price on the stock in a research note 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $806.27.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 2,591 shares of Intuit stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total transaction of $2,026,732.02. Following the transaction, the chief financial officer owned 768 shares in the company, valued at approximately $600,744.96. The trade was a 77.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alex G. Balazs sold 882 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total value of $689,397.66. 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 three months. Insiders own 2.68% of the company's stock.

Intuit Trading Up 0.7%

INTU traded up $5.54 during trading on Wednesday, hitting $811.88. The company's stock had a trading volume of 680,393 shares, compared to its average volume of 1,769,758. The firm's 50 day moving average price is $760.66 and its 200-day moving average price is $658.48. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The stock has a market cap of $226.47 billion, a PE ratio of 65.87, a PEG ratio of 3.54 and a beta of 1.27. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $811.70.

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 for the quarter, beating the consensus estimate of $10.89 by $0.76. The company 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 21.46% and a net margin of 19.07%. Intuit's revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $9.88 EPS. On average, analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

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 dividend of $1.04 per share. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.51%. Intuit's payout ratio is 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.