Intuit Inc. (NASDAQ:INTU) Shares Sold by Patten & Patten Inc. TN

Patten & Patten Inc. TN cut its position in shares of Intuit Inc. (NASDAQ:INTU) by 2.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,772 shares of the software maker’s stock after selling 456 shares during the quarter. Patten & Patten Inc. TN’s holdings in Intuit were worth $10,912,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of INTU. Vanguard Group Inc. grew its position in shares of Intuit by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock valued at $16,991,696,000 after purchasing an additional 353,185 shares during the period. Geode Capital Management LLC grew its position in shares of Intuit by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock valued at $3,833,720,000 after purchasing an additional 132,384 shares during the period. Wellington Management Group LLP grew its position in shares of Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the period. Norges Bank purchased a new stake in shares of Intuit in the fourth quarter valued at $2,290,419,000. Finally, Brown Advisory Inc. grew its position in shares of Intuit by 7.9% in the first quarter. Brown Advisory Inc. now owns 3,444,600 shares of the software maker’s stock valued at $2,114,950,000 after purchasing an additional 252,265 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of research reports. KeyCorp reissued an “overweight” rating and set a $850.00 price target (up previously from $770.00) on shares of Intuit in a research report on Friday, May 23rd. The Goldman Sachs Group boosted their price target on Intuit from $750.00 to $860.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. Wall Street Zen upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. boosted their price target on Intuit from $660.00 to $770.00 and gave the stock an “overweight” rating in a research note on Friday, May 23rd. Finally, Stifel Nicolaus boosted their price target on Intuit from $725.00 to $850.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $785.33.

Intuit Stock Up 0.3%

Shares of Intuit stock opened at $766.81 on Thursday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The business’s 50 day simple moving average is $640.03 and its 200-day simple moving average is $624.89. The stock has a market capitalization of $213.90 billion, a price-to-earnings ratio of 74.45, a PEG ratio of 2.85 and a beta of 1.24. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $769.68.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period in the prior year, the company posted $9.88 EPS. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. Equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date is Thursday, July 10th. Intuit’s payout ratio is currently 33.77%.

Insider Buying and Selling at Intuit

In other Intuit news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the transaction, the director now directly owns 8 shares of the company’s stock, valued at approximately $4,800. This trade represents a 99.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $752.25, for a total value of $19,293,708.00. Following the transaction, the executive vice president now directly owns 22,796 shares of the company’s stock, valued at approximately $17,148,291. The trade was a 52.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,804 shares of company stock valued at $138,081,963. 2.68% of the stock is owned by corporate insiders.

Intuit 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.