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

Correct Capital Wealth Management trimmed its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 45.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 610 shares of the software maker's stock after selling 516 shares during the quarter. Correct Capital Wealth Management's holdings in Intuit were worth $374,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in Intuit during the 4th quarter valued at $2,290,419,000. GAMMA Investing LLC lifted its stake in Intuit by 69,701.9% in the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock worth $17,348,790,000 after acquiring an additional 2,821,534 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Intuit by 33.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock worth $1,930,765,000 after acquiring an additional 771,232 shares during the period. Wellington Management Group LLP lifted its stake in Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock worth $3,329,115,000 after acquiring an additional 620,559 shares during the period. Finally, Unisphere Establishment lifted its stake in Intuit by 50.0% in the fourth quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker's stock worth $942,750,000 after acquiring an additional 500,000 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of research reports. Stifel Nicolaus upped their price objective on shares of Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Jefferies Financial Group set a $850.00 price objective on shares of Intuit and gave the stock a "buy" rating 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 target on shares of Intuit and gave the company a "neutral" rating in a research report on Friday, May 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Intuit from $660.00 to $770.00 and gave the company an "overweight" rating in a research report on Friday, May 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, Intuit presently has a consensus rating of "Moderate Buy" and an average target price of $800.55.

Insider Buying and Selling

In related news, EVP Marianna Tessel sold 34,329 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total value of $26,118,876.36. Following the sale, the executive vice president directly owned 40,767 shares in the company, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were 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 owned 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. This trade represents a 1.18% 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 in the last ninety days. Company insiders own 2.68% of the company's stock.

Intuit Price Performance

INTU traded down $0.57 on Friday, hitting $747.34. 542,278 shares of the company's stock were exchanged, compared to its average volume of 1,617,845. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two 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. The firm has a 50-day moving average price of $730.71 and a 200-day moving average price of $645.99. The stock has a market cap of $208.47 billion, a price-to-earnings ratio of 60.66, a P/E/G ratio of 3.42 and a beta of 1.27.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping 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 previous year, the firm earned $9.88 EPS. The company's quarterly revenue was up 15.1% compared to the same quarter last year. As a group, equities analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.56%. 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.