Intuit Inc. (NASDAQ:INTU) Shares Sold by Amalgamated Bank

Amalgamated Bank reduced its stake in shares of Intuit Inc. (NASDAQ:INTUFree Report) by 1.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 59,685 shares of the software maker’s stock after selling 897 shares during the period. Amalgamated Bank’s holdings in Intuit were worth $39,226,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LGT Financial Advisors LLC acquired a new stake in Intuit during the 2nd quarter worth about $25,000. Cultivar Capital Inc. purchased a new stake in shares of Intuit during the 2nd quarter worth about $26,000. Fairway Wealth LLC purchased a new stake in shares of Intuit during the 2nd quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Intuit during the 2nd quarter worth about $35,000. Finally, Sachetta LLC purchased a new stake in shares of Intuit during the 4th quarter worth about $39,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Performance

Shares of INTU stock opened at $644.82 on Wednesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The stock has a market capitalization of $180.26 billion, a PE ratio of 59.49, a P/E/G ratio of 3.14 and a beta of 1.24. The firm has a 50 day moving average of $636.25 and a two-hundred day moving average of $631.29.

Intuit (NASDAQ:INTUGet Free Report) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue was up 17.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.40 EPS. On average, research analysts predict that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is 38.38%.

Analyst Upgrades and Downgrades

INTU has been the topic of a number of research reports. BMO Capital Markets raised their price target on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. raised their price target on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Barclays decreased their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research note on Saturday, August 31st. Finally, Royal Bank of Canada started coverage on shares of Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $720.37.

Check Out Our Latest Research Report on Intuit

Insider Transactions at Intuit

In other news, EVP Kerry J. Mclean sold 11,079 shares of Intuit stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the sale, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Kerry J. Mclean sold 11,079 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the sale, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at $15,752,985.01. The disclosure for this sale can be found here. In the last three months, insiders sold 16,940 shares of company stock valued at $10,721,252. Insiders own 2.90% of the company’s stock.

About Intuit

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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