Financial Management Professionals Inc. Sells 49 Shares of Intuit Inc. (NASDAQ:INTU)

Financial Management Professionals Inc. cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 34.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92 shares of the software maker’s stock after selling 49 shares during the period. Financial Management Professionals Inc.’s holdings in Intuit were worth $60,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of INTU. Parnassus Investments LLC lifted its stake in shares of Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares during the period. Maryland State Retirement & Pension System lifted its stake in shares of Intuit by 1.1% in the 4th quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock valued at $13,293,000 after purchasing an additional 226 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Intuit by 1.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock valued at $112,381,000 after purchasing an additional 1,990 shares during the period. Glenmede Trust Co. NA lifted its stake in shares of Intuit by 12.7% in the 3rd quarter. Glenmede Trust Co. NA now owns 18,397 shares of the software maker’s stock valued at $9,400,000 after purchasing an additional 2,074 shares during the period. Finally, Hixon Zuercher LLC acquired a new position in shares of Intuit in the 4th quarter valued at $1,292,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Trading Up 0.9 %

Intuit stock opened at $657.21 on Friday. Intuit Inc. has a 52 week low of $444.19 and a 52 week high of $676.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a market capitalization of $183.72 billion, a P/E ratio of 60.63, a PEG ratio of 3.73 and a beta of 1.21. The stock has a 50-day simple moving average of $618.61 and a 200 day simple moving average of $627.92.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.65 billion. During the same quarter last year, the company posted $7.80 earnings per share. Intuit’s quarterly revenue was up 11.9% on a year-over-year basis. Analysts expect that Intuit Inc. will post 11.72 earnings per share for the current year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $3.60 annualized dividend and a yield of 0.55%. Intuit’s dividend payout ratio (DPR) is presently 33.21%.

Insiders Place Their Bets

In other Intuit news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the sale, the executive vice president now directly owns 869 shares in the company, valued at $525,380.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the sale, the executive vice president now owns 869 shares of the company’s stock, valued at $525,380.02. The disclosure for this sale can be found here. Insiders sold 193,937 shares of company stock worth $113,123,232 over the last three months. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on INTU. Jefferies Financial Group reaffirmed a “buy” rating and set a $770.00 price objective on shares of Intuit in a research note on Thursday, June 13th. BMO Capital Markets reaffirmed an “outperform” rating and set a $700.00 price objective on shares of Intuit in a research note on Tuesday, March 26th. KeyCorp raised their price objective on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Citigroup raised their price objective on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Piper Sandler increased their target price on Intuit from $750.00 to $760.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Five investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $683.91.

Intuit 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.