Webster Bank N. A. Decreases Position in Intuit Inc. (NASDAQ:INTU)

Webster Bank N. A. decreased its position in shares of Intuit Inc. (NASDAQ:INTU) by 22.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 81 shares of the software maker’s stock after selling 23 shares during the period. Webster Bank N. A.’s holdings in Intuit were worth $50,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in INTU. Fortitude Family Office LLC increased its holdings in shares of Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after purchasing an additional 16 shares during the period. WASHINGTON TRUST Co increased its holdings in shares of Intuit by 10.5% in the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after purchasing an additional 16 shares during the period. Gemmer Asset Management LLC increased its holdings in shares of Intuit by 3.7% in the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after purchasing an additional 16 shares during the period. Capital Advisors Ltd. LLC increased its holdings in shares of Intuit by 2.6% in the first quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock valued at $429,000 after purchasing an additional 17 shares during the period. Finally, Stonebrook Private Inc. increased its holdings in shares of Intuit by 4.5% in the first quarter. Stonebrook Private Inc. now owns 398 shares of the software maker’s stock valued at $259,000 after purchasing an additional 17 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on INTU shares. Bank of America lifted their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. lifted their price target on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Stifel Nicolaus lifted their price target on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Royal Bank of Canada started coverage on Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price target on the stock. Finally, Barclays decreased their price target on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average target price of $735.71.

Intuit Stock Down 0.4 %

Shares of NASDAQ:INTU opened at $616.68 on Monday. 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’s fifty day simple moving average is $630.68 and its 200-day simple moving average is $628.44. The company has a market capitalization of $172.39 billion, a P/E ratio of 56.89, a P/E/G ratio of 3.04 and a beta of 1.24.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business’s revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.40 earnings per share. As a group, equities research analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a $1.04 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.67%. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio is presently 38.38%.

Insider Activity at Intuit

In related news, Director Eve B. Burton sold 2,988 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Intuit news, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the sale, the chief financial officer now directly owns 4,451 shares in the company, valued at $2,676,430.81. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eve B. Burton sold 2,988 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is currently owned by insiders.

Intuit Company 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.