Intuit Inc. (NASDAQ:INTU) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 17.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,246 shares of the software maker's stock after selling 9,174 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Intuit were worth $27,167,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Copia Wealth Management acquired a new stake in Intuit in the 4th quarter valued at approximately $25,000. NewSquare Capital LLC lifted its stake in Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after purchasing an additional 18 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Intuit during the fourth quarter worth $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit in the fourth quarter valued at $28,000. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Intuit in the 4th quarter valued at $35,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Mark P. Notarainni sold 469 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $725.00, for a total value of $340,025.00. Following the completion of the sale, the executive vice president now directly owns 19 shares of the company's stock, valued at approximately $13,775. This represents a 96.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 62,816 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $765.99, for a total value of $48,116,427.84. Following the transaction, the insider now directly owns 6,000,679 shares in the company, valued at approximately $4,596,460,107.21. This represents a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 271,158 shares of company stock valued at $202,989,194 over the last quarter. Company insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler restated an "overweight" rating and set a $825.00 target price (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. Hsbc Global Res raised shares of Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. Citigroup reissued a "buy" rating and issued a $789.00 price objective (up previously from $726.00) on shares of Intuit in a research note on Friday, May 23rd. Susquehanna reaffirmed a "positive" rating on shares of Intuit in a research note on Friday, May 23rd. Finally, Jefferies Financial Group set a $850.00 target price on shares of Intuit and gave the stock a "buy" rating in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Intuit currently has an average rating of "Moderate Buy" and an average price target of $793.05.

Intuit Stock Up 2.0%

Shares of NASDAQ:INTU traded up $15.00 during trading on Thursday, hitting $772.86. 1,416,949 shares of the company were exchanged, compared to its average volume of 1,611,738. The firm's 50 day moving average price is $696.71 and its 200-day moving average price is $637.71. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $773.93. 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 stock has a market capitalization of $215.59 billion, a P/E ratio of 62.73, a PEG ratio of 3.37 and a beta of 1.28.

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, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same period last year, the business earned $9.88 EPS. Intuit's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, research analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a dividend of $1.04 per share. 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 dividend payout ratio is presently 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.