Independence Bank of Kentucky Grows Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Independence Bank of Kentucky raised its stake in Intuit Inc. (NASDAQ:INTU) by 14.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 175 shares of the software maker’s stock after buying an additional 22 shares during the quarter. Independence Bank of Kentucky’s holdings in Intuit were worth $110,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Brown Financial Advisors lifted its position in shares of Intuit by 0.9% during the third quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock worth $1,018,000 after purchasing an additional 15 shares in the last quarter. Truvestments Capital LLC lifted its holdings in Intuit by 1.5% in the 3rd quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock worth $669,000 after buying an additional 16 shares in the last quarter. CVA Family Office LLC boosted its position in Intuit by 3.3% in the 3rd quarter. CVA Family Office LLC now owns 531 shares of the software maker’s stock valued at $330,000 after buying an additional 17 shares during the last quarter. Chris Bulman Inc boosted its position in Intuit by 1.1% in the 3rd quarter. Chris Bulman Inc now owns 1,520 shares of the software maker’s stock valued at $944,000 after buying an additional 17 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC grew its stake in shares of Intuit by 1.8% during the third quarter. Mount Yale Investment Advisors LLC now owns 973 shares of the software maker’s stock valued at $604,000 after acquiring an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Transactions at Intuit

In other Intuit news, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at approximately $1,154,337.92. The trade was a 36.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alex G. Balazs sold 23,810 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $665.98, for a total value of $15,856,983.80. Following the transaction, the executive vice president now directly owns 489 shares in the company, valued at $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 293,014 shares of company stock worth $188,992,187. Company insiders own 2.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on INTU shares. Scotiabank assumed coverage on Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target on the stock. Barclays reduced their target price on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Royal Bank of Canada restated an “outperform” rating and issued a $760.00 price target on shares of Intuit in a research note on Friday, November 22nd. Stifel Nicolaus cut their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Finally, BNP Paribas lowered shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $726.53.

Intuit Price Performance

Shares of INTU opened at $601.51 on Monday. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a fifty day moving average price of $630.95 and a 200 day moving average price of $633.44. The company has a market cap of $168.37 billion, a P/E ratio of 58.40, a PEG ratio of 2.92 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.14 earnings per share. On average, research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.69%. Intuit’s dividend payout ratio (DPR) is presently 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.