Moran Wealth Management LLC Sells 631 Shares of Intuit Inc. (NASDAQ:INTU)

Moran Wealth Management LLC trimmed its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 1.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 38,423 shares of the software maker's stock after selling 631 shares during the quarter. Intuit accounts for about 0.8% of Moran Wealth Management LLC's holdings, making the stock its 23rd biggest holding. Moran Wealth Management LLC's holdings in Intuit were worth $23,591,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Intuit by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock valued at $16,991,696,000 after buying an additional 353,185 shares during the period. Geode Capital Management LLC raised its stake in shares of Intuit by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock valued at $3,833,720,000 after acquiring an additional 132,384 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Intuit by 13.3% during 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 purchasing an additional 620,559 shares during the period. Norges Bank bought a new stake in shares of Intuit in the fourth quarter worth about $2,290,419,000. Finally, Northern Trust Corp increased its holdings in Intuit by 17.3% during the 4th quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock valued at $2,118,682,000 after purchasing an additional 498,030 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Down 0.5%

NASDAQ:INTU traded down $3.88 on Tuesday, reaching $758.67. 1,900,330 shares of the stock traded hands, compared to its average volume of 1,839,162. 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 company has a market capitalization of $211.63 billion, a price-to-earnings ratio of 61.58, a PEG ratio of 3.39 and a beta of 1.28. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $773.45. The company's fifty day simple moving average is $686.27 and its 200 day simple moving average is $635.14.

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 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%. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm earned $9.88 earnings per share. Equities analysts predict that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.55%. Intuit's dividend payout ratio is presently 33.77%.

Insider Activity

In other Intuit news, insider Scott D. Cook sold 72,442 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the transaction, the insider now directly owns 6,063,495 shares of the company's stock, valued at approximately $4,494,808,208.55. This trade represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Mark P. Notarainni sold 469 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $725.00, for a total transaction of $340,025.00. Following the completion of the transaction, the executive vice president now owns 19 shares in the company, valued at $13,775. This trade represents a 96.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 271,158 shares of company stock valued at $202,989,194 over the last three months. Insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on INTU shares. Stifel Nicolaus lifted their price objective on Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Piper Sandler reiterated an "overweight" rating and issued a $825.00 price target (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. BMO Capital Markets restated an "outperform" rating and issued a $820.00 price objective (up from $714.00) on shares of Intuit in a report on Friday, May 23rd. Bank of America lifted their target price on shares of Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Scotiabank raised shares of Intuit from a "sector perform" rating to a "sector outperform" rating and increased their price target for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $787.95.

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.