Raymond James Financial Inc. Sells 48,686 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Raymond James Financial Inc. reduced its holdings in Intuit Inc. by 10.2% during the first quarter, selling 48,686 shares and owning approximately $264 million worth of the stock afterwards.
• Intuit's quarterly earnings surpassed expectations with earnings per share of $11.65 and revenue of $7.75 billion, marking a 15.1% increase compared to the same quarter last year.
• Intuit announced a quarterly dividend of $1.04 per share, representing an annualized dividend of $4.16, with a payout ratio of 33.77%.

Raymond James Financial Inc. decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 10.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 429,999 shares of the software maker's stock after selling 48,686 shares during the period. Raymond James Financial Inc. owned 0.15% of Intuit worth $264,015,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in INTU. Financial Management Professionals Inc. increased its position in shares of Intuit by 18.4% during the first quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock valued at $71,000 after acquiring an additional 18 shares in the last quarter. Chris Bulman Inc increased its position in shares of Intuit by 1.2% during the first quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock valued at $935,000 after acquiring an additional 18 shares in the last quarter. Kolinsky Wealth Management LLC increased its position in shares of Intuit by 1.6% during the fourth quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock valued at $749,000 after acquiring an additional 19 shares in the last quarter. Norden Group LLC increased its position in shares of Intuit by 1.2% during the first quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock valued at $1,021,000 after acquiring an additional 19 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC increased its position in shares of Intuit by 2.6% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 791 shares of the software maker's stock valued at $486,000 after acquiring an additional 20 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Intuit Trading Up 0.9%

Shares of Intuit stock opened at $716.74 on Friday. The company's fifty day simple moving average is $763.75 and its 200-day simple moving average is $671.53. The stock has a market capitalization of $199.93 billion, a PE ratio of 58.18, a P/E/G ratio of 2.76 and a beta of 1.28. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45.

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

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were paid a dividend of $1.04 per share. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.6%. Intuit's payout ratio is 33.77%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on INTU shares. Hsbc Global Res raised shares of Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. Barclays reissued an "overweight" rating and set a $815.00 price target (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. CLSA started coverage on shares of Intuit in a research report on Thursday, June 26th. They set an "outperform" rating and a $900.00 price target for the company. Wells Fargo & Company set a $880.00 price target on shares of Intuit and gave the company an "overweight" rating in a research report on Friday, June 13th. Finally, Evercore ISI lifted their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have given 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $809.86.

Insider Activity at Intuit

In related news, EVP Marianna Tessel sold 34,329 shares of Intuit stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the transaction, the executive vice president 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the transaction, the chief financial officer owned 197 shares in the company, valued at approximately $143,047.61. This trade represents a 98.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 in the last 90 days. Company insiders own 2.68% of the company's stock.

Intuit Company Profile

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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