Sound View Wealth Advisors Group LLC Has $452,000 Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Sound View Wealth Advisors Group LLC has decreased its stake in Intuit Inc. by 51.8%, now owning 736 shares valued at $452,000.
• Several hedge funds have increased their investments in Intuit, including Brown Advisory Inc. and UBS AM, reflecting a strong interest from institutional investors as they own 83.66% of the stock.
• Intuit's stock is currently facing a slight downturn of 2.8%, with its latest quarterly earnings surpassing expectations, reporting $11.65 earnings per share.

Sound View Wealth Advisors Group LLC decreased its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 51.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 736 shares of the software maker's stock after selling 792 shares during the period. Sound View Wealth Advisors Group LLC's holdings in Intuit were worth $452,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Brown Advisory Inc. increased its stake in shares of Intuit by 7.9% in the 1st quarter. Brown Advisory Inc. now owns 3,444,600 shares of the software maker's stock valued at $2,114,950,000 after purchasing an additional 252,265 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Intuit by 17.3% during the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock worth $2,118,682,000 after buying an additional 498,030 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Intuit by 33.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock valued at $1,930,765,000 after acquiring an additional 771,232 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Intuit by 69,701.9% during the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock valued at $17,348,790,000 after acquiring an additional 2,821,534 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of Intuit by 1.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,804,476 shares of the software maker's stock valued at $1,134,114,000 after acquiring an additional 33,265 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Oppenheimer upped their target price on Intuit from $742.00 to $868.00 and gave the stock an "outperform" rating in a report on Monday. Scotiabank upgraded Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their price target for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. Barclays reiterated an "overweight" rating and issued a $815.00 price objective (up previously from $775.00) on shares of Intuit in a report on Friday, May 23rd. KeyCorp reissued an "overweight" rating and set a $850.00 target price (up from $770.00) on shares of Intuit in a report on Friday, May 23rd. Finally, BMO Capital Markets raised their price target on shares of Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $806.27.

Insider Transactions at Intuit

In related news, Director Richard L. Dalzell sold 333 shares of Intuit stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $768.43, for a total value of $255,887.19. Following the completion of the sale, the director owned 15,474 shares of the company's stock, valued at approximately $11,890,685.82. This trade represents a 2.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Alex G. Balazs sold 882 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total transaction of $689,397.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 279,800 shares of company stock valued at $209,725,054. Company insiders own 2.68% of the company's stock.

Intuit Stock Down 2.8%

Shares of NASDAQ INTU opened at $785.13 on Friday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The firm has a market cap of $219.01 billion, a PE ratio of 63.73, a P/E/G ratio of 3.58 and a beta of 1.27. The company's fifty day simple moving average is $765.98 and its 200 day simple moving average is $660.69. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $813.70.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $9.88 earnings per share. As a group, sell-side analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is 33.77%.

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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