Axxcess Wealth Management LLC Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

Axxcess Wealth Management LLC cut its position in Intuit Inc. (NASDAQ:INTU) by 43.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 6,508 shares of the software maker’s stock after selling 4,981 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Intuit were worth $4,230,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. EP Wealth Advisors LLC boosted its position in Intuit by 10.9% in the 1st quarter. EP Wealth Advisors LLC now owns 5,863 shares of the software maker’s stock valued at $3,811,000 after buying an additional 576 shares during the last quarter. Wellington Wealth Strategies LLC. acquired a new position in shares of Intuit in the first quarter worth about $1,951,000. Freestone Capital Holdings LLC lifted its stake in shares of Intuit by 220.5% in the first quarter. Freestone Capital Holdings LLC now owns 3,510 shares of the software maker’s stock worth $2,282,000 after acquiring an additional 2,415 shares in the last quarter. CreativeOne Wealth LLC boosted its holdings in Intuit by 35.6% in the first quarter. CreativeOne Wealth LLC now owns 7,475 shares of the software maker’s stock valued at $4,859,000 after purchasing an additional 1,962 shares during the last quarter. Finally, Delap Wealth Advisory LLC acquired a new stake in Intuit during the 1st quarter valued at approximately $252,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Bank of America decreased their price target on Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research note on Friday, May 24th. Stifel Nicolaus decreased their price target on Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, May 24th. Susquehanna dropped their price objective on Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a research note on Friday, May 24th. UBS Group lifted their target price on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a report on Monday, May 20th. Finally, Piper Sandler reissued an “overweight” rating and issued a $760.00 price target on shares of Intuit in a report on Friday, July 12th. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $694.27.

Intuit Stock Performance

Shares of NASDAQ INTU traded up $7.04 during trading hours on Friday, reaching $633.36. 918,595 shares of the stock were exchanged, compared to its average volume of 1,330,799. 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 firm has a market capitalization of $177.06 billion, a price-to-earnings ratio of 58.43, a P/E/G ratio of 3.55 and a beta of 1.23. The stock’s fifty day simple moving average is $624.51 and its 200 day simple moving average is $632.46. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $6.65 billion. During the same period in the prior year, the company earned $7.80 EPS. Intuit’s revenue for the quarter was up 11.9% on a year-over-year basis. Sell-side analysts predict that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 18th. Investors of record on Wednesday, July 10th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date was Wednesday, July 10th. Intuit’s dividend payout ratio is 33.21%.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 1,415 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the sale, the chief financial officer now owns 2,332 shares of the company’s stock, valued at approximately $1,409,880.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Sandeep Aujla sold 1,415 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 value of $855,480.70. Following the completion of the transaction, the chief financial officer now owns 2,332 shares in the company, valued at approximately $1,409,880.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Scott D. Cook sold 14,748 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $567.40, for a total transaction of $8,368,015.20. Following the sale, the insider now directly owns 6,701,721 shares in the company, valued at $3,802,556,495.40. The disclosure for this sale can be found here. Insiders sold a total of 195,963 shares of company stock valued at $114,442,445 in the last quarter. Insiders own 2.90% of the company’s stock.

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.