Correct Capital Wealth Management Decreases Position in Intuit Inc. (NASDAQ:INTU)

Correct Capital Wealth Management reduced its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 45.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 610 shares of the software maker's stock after selling 516 shares during the period. Correct Capital Wealth Management's holdings in Intuit were worth $374,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Pinnacle Financial Partners Inc grew its stake in shares of Intuit by 3.6% during the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock worth $10,922,000 after buying an additional 623 shares during the last quarter. Capitolis Liquid Global Markets LLC bought a new stake in shares of Intuit during the fourth quarter worth $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Intuit during the fourth quarter worth $237,244,000. Baer Investment Advisory LLC bought a new stake in shares of Intuit during the fourth quarter worth $3,261,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Intuit by 16.2% during the first quarter. China Universal Asset Management Co. Ltd. now owns 6,905 shares of the software maker's stock worth $4,240,000 after buying an additional 962 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Sandeep Aujla sold 2,591 shares of Intuit stock in a transaction dated 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 sale, the chief financial officer owned 768 shares of the company's stock, valued at approximately $600,744.96. The trade was a 77.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Alex G. Balazs sold 882 shares of Intuit stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $781.63, for a total transaction of $689,397.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is owned by company insiders.

Intuit Price Performance

INTU remained flat at $747.90 on Friday. 1,047,778 shares of the company traded hands, compared to its average volume of 1,623,598. The stock's 50 day simple moving average is $733.03 and its 200 day simple moving average is $646.70. The stock has a market cap of $208.63 billion, a price-to-earnings ratio of 60.71, a P/E/G ratio of 3.33 and a beta of 1.27. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $790.60. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping 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 net margin of 19.07% and a return on equity of 21.46%. Intuit's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period last year, the firm earned $9.88 EPS. Equities analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's payout ratio is 33.77%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on INTU shares. Morgan Stanley boosted their price objective on shares of Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Piper Sandler reissued an "overweight" rating and issued a $825.00 price objective (up previously from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Wells Fargo & Company set a $880.00 price objective on shares of Intuit and gave the stock an "overweight" rating in a research note on Friday, June 13th. Barclays reissued an "overweight" rating and issued a $815.00 price objective (up previously from $775.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, KeyCorp reissued an "overweight" rating and issued a $850.00 price objective (up previously from $770.00) on shares of Intuit in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $800.55.

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.