Intuit Inc. (NASDAQ:INTU) Position Reduced by First Mercantile Trust Co.
First Mercantile Trust Co. reduced its position in shares of Intuit Inc. (NASDAQ:INTU) by 28.8% during the second quarter, Holdings Channel reports. The fund owned 8,244 shares of the software maker’s stock after selling 3,338 shares during the period. First Mercantile Trust Co.’s holdings in Intuit were worth $1,095,000 as of its most recent filing with the SEC.
A number of other large investors have also recently made changes to their positions in the stock. Guardian Life Insurance Co. of America boosted its position in shares of Intuit by 0.5% in the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock worth $109,000 after buying an additional 5 shares during the period. Shine Investment Advisory Services Inc. bought a new position in shares of Intuit during the second quarter worth about $123,000. Johnson Financial Group Inc. boosted its position in shares of Intuit by 5.8% in the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock worth $126,000 after buying an additional 59 shares during the period. Miller Howard Investments Inc. NY bought a new position in shares of Intuit during the first quarter worth about $205,000. Finally, Lincoln National Corp bought a new position in shares of Intuit during the first quarter worth about $205,000. Hedge funds and other institutional investors own 85.57% of the company’s stock.
Intuit Inc. (NASDAQ:INTU) opened at 136.60 on Friday. The firm has a 50 day moving average of $135.04 and a 200-day moving average of $127.75. The firm has a market cap of $35.00 billion, a price-to-earnings ratio of 39.25 and a beta of 1.15. Intuit Inc. has a one year low of $103.22 and a one year high of $143.81.
Intuit (NASDAQ:INTU) last released its quarterly earnings results on Tuesday, May 23rd. The software maker reported $3.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.87 by $0.03. Intuit had a net margin of 17.82% and a return on equity of 80.88%. The business had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the business earned $3.43 earnings per share. The firm’s revenue was up 10.3% compared to the same quarter last year. Equities research analysts forecast that Intuit Inc. will post $4.39 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 18th. Shareholders of record on Monday, July 10th were paid a $0.34 dividend. The ex-dividend date was Thursday, July 6th. This represents a $1.36 annualized dividend and a yield of 1.00%. Intuit’s dividend payout ratio is presently 39.19%.
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A number of research analysts have issued reports on INTU shares. Citigroup Inc. increased their target price on shares of Intuit from $128.00 to $148.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Benchmark Co. started coverage on shares of Intuit in a report on Thursday, April 27th. They issued a “buy” rating and a $140.00 target price for the company. Deutsche Bank AG increased their target price on shares of Intuit from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Bank of America Corporation increased their target price on shares of Intuit from $130.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Finally, Credit Suisse Group increased their target price on shares of Intuit from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $135.63.
In other Intuit news, Director Dennis D. Powell sold 16,686 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $136.82, for a total value of $2,282,978.52. Following the completion of the sale, the director now directly owns 4,554 shares of the company’s stock, valued at $623,078.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Henry Tayloe Stansbury sold 3,742 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $137.92, for a total transaction of $516,096.64. Following the completion of the sale, the executive vice president now directly owns 4,580 shares of the company’s stock, valued at $631,673.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 151,265 shares of company stock worth $21,085,104. Company insiders own 5.70% of the company’s stock.
Intuit Company Profile
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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