M&T Bank Corp Reduces 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 (SEC). The firm 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Copia Wealth Management bought a new stake in shares of Intuit in the 4th quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in shares of Intuit in the 4th quarter valued at $28,000. Heck Capital Advisors LLC purchased a new stake in shares of Intuit in the 4th quarter valued at $28,000. VSM Wealth Advisory LLC purchased a new stake in Intuit during the fourth quarter worth $35,000. Finally, Olde Wealth Management LLC purchased a new stake in Intuit during the first quarter worth $37,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Trading Down 0.3%

Shares of INTU opened at $781.48 on Wednesday. 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 Inc. has a 1-year low of $532.65 and a 1-year high of $790.60. The business's 50-day moving average price is $725.37 and its 200 day moving average price is $644.37. The stock has a market capitalization of $217.99 billion, a P/E ratio of 63.43, a P/E/G ratio of 3.49 and a beta of 1.27.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating the consensus estimate of $10.89 by $0.76. The business 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%. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $9.88 EPS. Analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.53%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Insider Activity at Intuit

In related news, EVP Kerry J. Mclean sold 16,700 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the transaction, the executive vice president directly owned 23,101 shares in the company, valued at approximately $16,844,325.16. This represents a 41.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction on 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 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 278,252 shares of company stock valued at $208,518,508. 2.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

INTU has been the topic of several recent analyst reports. Citigroup reaffirmed a "buy" rating and set a $789.00 price objective (up from $726.00) on shares of Intuit in a report on Friday, May 23rd. Oppenheimer restated an "outperform" rating and set a $742.00 price objective (up from $642.00) on shares of Intuit in a research report on Friday, May 23rd. HSBC raised shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price for the company in a research note on Wednesday, April 23rd. Evercore ISI raised their price objective on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. Finally, Morgan Stanley lifted their price objective on shares of Intuit from $785.00 to $900.00 and gave the company an "overweight" rating in a report on Monday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $798.27.

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.

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