Intuit Inc. (NASDAQ:INTU) Stock Holdings Decreased by Covenant Asset Management LLC

Covenant Asset Management LLC reduced its position in Intuit Inc. (NASDAQ:INTU) by 1.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 4,197 shares of the software maker’s stock after selling 52 shares during the quarter. Covenant Asset Management LLC’s holdings in Intuit were worth $2,638,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Brown Financial Advisors increased its position in shares of Intuit by 0.9% in the third quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock worth $1,018,000 after acquiring an additional 15 shares in the last quarter. Truvestments Capital LLC increased its position in shares of Intuit by 1.5% in the third quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock worth $669,000 after acquiring an additional 16 shares in the last quarter. Chris Bulman Inc increased its position in shares of Intuit by 1.1% in the third quarter. Chris Bulman Inc now owns 1,520 shares of the software maker’s stock worth $944,000 after acquiring an additional 17 shares in the last quarter. Freedom Day Solutions LLC boosted its holdings in shares of Intuit by 0.4% during the third quarter. Freedom Day Solutions LLC now owns 4,186 shares of the software maker’s stock worth $2,599,000 after purchasing an additional 17 shares during the period. Finally, Covenant Partners LLC boosted its holdings in shares of Intuit by 3.4% during the third quarter. Covenant Partners LLC now owns 521 shares of the software maker’s stock worth $324,000 after purchasing an additional 17 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Intuit

In other Intuit news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred 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 sale, the insider now directly owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Laura A. Fennell sold 7,700 shares of Intuit stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $657.64, for a total value of $5,063,828.00. Following the sale, the executive vice president now directly owns 33,916 shares in the company, valued at $22,304,518.24. The trade was a 18.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 293,014 shares of company stock valued at $188,992,187. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Up 0.6 %

INTU stock opened at $587.38 on Friday. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78. The company has a market cap of $164.42 billion, a PE ratio of 57.03, a price-to-earnings-growth ratio of 2.91 and a beta of 1.24. The business’s 50-day simple moving average is $621.39 and its 200 day simple moving average is $630.35. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

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

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Friday, January 10th. Intuit’s dividend payout ratio (DPR) is presently 40.39%.

Wall Street Analysts Forecast Growth

INTU has been the subject of several research reports. Barclays decreased their price target on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Scotiabank initiated coverage on shares of Intuit in a report on Monday, November 18th. They set a “sector perform” rating and a $700.00 price target for the company. Piper Sandler restated an “overweight” rating and set a $765.00 price target on shares of Intuit in a report on Friday, January 10th. Morgan Stanley raised their price target on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $760.00 price target on shares of Intuit in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $726.53.

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.