Essex Savings Bank Sells 108 Shares of Intuit Inc. (NASDAQ:INTU)

Essex Savings Bank lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 16.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 538 shares of the software maker’s stock after selling 108 shares during the quarter. Essex Savings Bank’s holdings in Intuit were worth $330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Copia Wealth Management bought a new stake in Intuit during the fourth quarter valued at about $25,000. NewSquare Capital LLC boosted its position in Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares in the last quarter. Summit Securities Group LLC bought a new stake in Intuit during the fourth quarter valued at about $28,000. Heck Capital Advisors LLC bought a new stake in Intuit during the fourth quarter valued at about $28,000. Finally, VSM Wealth Advisory LLC acquired a new stake in Intuit in the fourth quarter worth about $35,000. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Down 1.3%

Shares of INTU stock opened at $754.83 on Thursday. The stock has a 50 day moving average of $675.86 and a 200 day moving average of $632.87. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The stock has a market cap of $210.56 billion, a P/E ratio of 61.27, a P/E/G ratio of 3.40 and a beta of 1.28. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $773.45.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period last year, the business earned $9.88 earnings per share. As a group, sell-side analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.55%. The ex-dividend date is Thursday, July 10th. Intuit’s dividend payout ratio is currently 33.77%.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 16,061 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total value of $11,662,373.93. Following the sale, the chief financial officer now directly owns 197 shares of the company’s stock, valued at approximately $143,047.61. This trade represents a 98.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Marianna Tessel sold 7,385 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $600.13, for a total value of $4,431,960.05. Following the completion of the sale, the executive vice president now directly owns 40,190 shares in the company, valued at approximately $24,119,224.70. The trade was a 15.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 286,706 shares of company stock worth $212,420,665. 2.68% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on INTU. Morgan Stanley reissued an “overweight” rating and issued a $785.00 price target (up previously from $720.00) on shares of Intuit in a report on Friday, May 23rd. Barclays reissued an “overweight” rating and issued a $815.00 price target (up previously from $775.00) on shares of Intuit in a report on Friday, May 23rd. JPMorgan Chase & Co. raised their price target on Intuit from $660.00 to $770.00 and gave the stock an “overweight” rating in a report on Friday, May 23rd. KeyCorp reissued an “overweight” rating and issued a $850.00 price target (up previously from $770.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Stifel Nicolaus raised their price target on Intuit from $725.00 to $850.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $787.95.

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.