Moran Wealth Management LLC Cuts Position in Intuit Inc. (NASDAQ:INTU)

Moran Wealth Management LLC decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 1.9% in the second quarter, Holdings Channel reports. The firm owned 39,503 shares of the software maker’s stock after selling 752 shares during the period. Moran Wealth Management LLC’s holdings in Intuit were worth $18,100,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Intuit by 99,673.1% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 157,291,233 shares of the software maker’s stock worth $72,069,270,000 after purchasing an additional 157,133,584 shares in the last quarter. State Street Corp boosted its position in shares of Intuit by 1.9% in the 1st quarter. State Street Corp now owns 11,099,653 shares of the software maker’s stock worth $4,948,558,000 after purchasing an additional 210,246 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Intuit by 1.4% in the 1st quarter. Geode Capital Management LLC now owns 5,183,078 shares of the software maker’s stock worth $2,305,151,000 after purchasing an additional 73,118 shares in the last quarter. Brown Advisory Inc. lifted its position in Intuit by 3.0% during the 2nd quarter. Brown Advisory Inc. now owns 3,536,542 shares of the software maker’s stock worth $1,620,408,000 after acquiring an additional 101,643 shares during the period. Finally, Morgan Stanley lifted its position in Intuit by 42.5% during the 4th quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock worth $1,340,830,000 after acquiring an additional 1,027,752 shares during the period. Institutional investors and hedge funds own 82.63% of the company’s stock.

Insider Activity

In other news, CFO Sandeep Aujla sold 10,732 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $531.01, for a total value of $5,698,799.32. Following the completion of the sale, the chief financial officer now directly owns 235 shares in the company, valued at $124,787.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Sandeep Aujla sold 10,732 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $531.01, for a total value of $5,698,799.32. Following the completion of the sale, the chief financial officer now directly owns 235 shares in the company, valued at $124,787.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Raul Vazquez sold 1,938 shares of the company’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $516.52, for a total value of $1,001,015.76. Following the completion of the sale, the director now owns 1,631 shares of the company’s stock, valued at $842,444.12. The disclosure for this sale can be found here. Insiders sold 41,073 shares of company stock worth $22,091,651 over the last ninety days. Corporate insiders own 3.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on INTU shares. HSBC started coverage on Intuit in a research report on Friday, September 29th. They set a “hold” rating and a $520.00 price target for the company. Wolfe Research boosted their price objective on Intuit from $600.00 to $660.00 and gave the company an “outperform” rating in a report on Friday, September 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on Intuit from $525.00 to $575.00 and gave the company a “buy” rating in a report on Friday, August 25th. Citigroup boosted their price objective on Intuit from $495.00 to $565.00 and gave the company a “buy” rating in a report on Monday, August 28th. Finally, BMO Capital Markets boosted their price objective on Intuit from $560.00 to $605.00 and gave the company an “outperform” rating in a report on Thursday, September 7th. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $567.41.

Intuit Price Performance

NASDAQ:INTU traded up $3.21 during trading hours on Friday, hitting $560.16. 1,127,087 shares of the stock were exchanged, compared to its average volume of 1,578,377. Intuit Inc. has a 52-week low of $369.94 and a 52-week high of $567.03. The firm’s fifty day moving average price is $521.01 and its 200 day moving average price is $488.62. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.35. The company has a market cap of $157.01 billion, a P/E ratio of 66.37, a P/E/G ratio of 3.37 and a beta of 1.20.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 24th. The software maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.43 by $0.22. Intuit had a return on equity of 16.61% and a net margin of 16.59%. The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same period in the previous year, the business earned $0.22 EPS. Intuit’s quarterly revenue was up 12.3% on a year-over-year basis. As a group, equities research analysts anticipate that Intuit Inc. will post 11.25 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 17th. Stockholders of record on Monday, October 9th were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, October 5th. This is a positive change from Intuit’s previous quarterly dividend of $0.78. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.64%. Intuit’s dividend payout ratio is 42.65%.

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.