Everence Capital Management Inc. Sells 1,240 Shares of Intuit Inc. (NASDAQ:INTU)

Everence Capital Management Inc. reduced its stake in Intuit Inc. (NASDAQ:INTU) by 14.5% during the 4th quarter, Holdings Channel reports. The firm owned 7,310 shares of the software maker’s stock after selling 1,240 shares during the period. Everence Capital Management Inc.’s holdings in Intuit were worth $4,594,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in INTU. LGT Financial Advisors LLC acquired a new position in shares of Intuit during the 2nd quarter worth about $25,000. Fairway Wealth LLC bought a new position in Intuit during the 2nd quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new position in Intuit during the third quarter valued at approximately $27,000. Denver PWM LLC bought a new stake in Intuit in the third quarter valued at approximately $32,000. Finally, Dunhill Financial LLC boosted its position in shares of Intuit by 110.3% during the third quarter. Dunhill Financial LLC now owns 61 shares of the software maker’s stock worth $38,000 after purchasing an additional 32 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the sale, the chief financial officer now owns 452 shares in the company, valued at approximately $279,010.56. This represents a 89.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction on Monday, November 25th. The stock was sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the transaction, the insider now directly owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 262,814 shares of company stock worth $170,119,823. Insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of recent analyst reports. Jefferies Financial Group upped their price objective on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Morgan Stanley raised their price target on Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Piper Sandler decreased their price objective on Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Barclays dropped their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 price target on shares of Intuit in a report on Friday, November 22nd. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $737.44.

Intuit Stock Up 1.0 %

NASDAQ INTU traded up $6.18 during trading hours on Friday, hitting $628.97. 311,897 shares of the company traded hands, compared to its average volume of 722,607. The stock has a market capitalization of $176.06 billion, a price-to-earnings ratio of 61.07, a P/E/G ratio of 3.24 and a beta of 1.24. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78. The business’s 50-day moving average is $648.62 and its 200-day moving average is $637.79. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same period last year, the business earned $1.14 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. Sell-side analysts anticipate that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a $1.04 dividend. The ex-dividend date is Friday, January 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.66%. Intuit’s payout ratio is 40.39%.

About Intuit

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.