M&T Bank Corp Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

M&T Bank Corp trimmed its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,761 shares of the software maker's stock after selling 2,191 shares during the period. M&T Bank Corp's holdings in Intuit were worth $31,781,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Pinnacle Financial Partners Inc raised its position in shares of Intuit by 3.6% in the 1st quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock worth $10,922,000 after acquiring an additional 623 shares in the last quarter. Capitolis Liquid Global Markets LLC purchased a new position in Intuit during the 4th quarter worth $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Intuit during the 4th quarter worth $237,244,000. Baer Investment Advisory LLC purchased a new position in Intuit during the 4th quarter worth $3,261,000. Finally, Trinity Street Asset Management LLP purchased a new position in Intuit during the 1st quarter worth $12,061,000. 83.66% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 72,442 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the transaction, the insider owned 6,063,495 shares of the company's stock, valued at $4,494,808,208.55. This represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total value 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 279,134 shares of company stock worth $209,207,905 in the last ninety days. 2.68% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

INTU has been the topic of several research analyst reports. Barclays restated an "overweight" rating and set a $815.00 target price (up from $775.00) on shares of Intuit in a research note on Friday, May 23rd. Citigroup restated a "buy" rating and set a $789.00 target price (up from $726.00) on shares of Intuit in a research note on Friday, May 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $850.00 target price (up from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Susquehanna restated a "positive" rating on shares of Intuit in a research note on Friday, May 23rd. Finally, UBS Group set a $750.00 price target on Intuit and gave the company a "neutral" rating in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Intuit has a consensus rating of "Moderate Buy" and an average target price of $798.27.

Intuit Price Performance

NASDAQ INTU traded down $11.89 during trading hours on Wednesday, reaching $769.59. The company's stock had a trading volume of 1,486,175 shares, compared to its average volume of 1,619,695. The firm has a market capitalization of $214.68 billion, a price-to-earnings ratio of 62.47, a P/E/G ratio of 3.49 and a beta of 1.27. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $790.60. 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 company's 50-day moving average is $725.37 and its two-hundred day moving average is $644.37.

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

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued 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 yield of 0.54%. 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.