Cresset Asset Management LLC Lowers Stock Position in Intuit Inc. (NASDAQ:INTU)

Cresset Asset Management LLC trimmed its stake in shares of Intuit Inc. (NASDAQ:INTUFree Report) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,200 shares of the software maker’s stock after selling 867 shares during the period. Cresset Asset Management LLC’s holdings in Intuit were worth $27,001,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Intuit during the 4th quarter valued at approximately $25,000. MCF Advisors LLC raised its position in shares of Intuit by 119.0% during the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after purchasing an additional 25 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Intuit during the 4th quarter worth approximately $38,000. Sachetta LLC acquired a new position in shares of Intuit during the 4th quarter worth approximately $39,000. Finally, Webster Bank N. A. acquired a new position in shares of Intuit during the 4th quarter worth approximately $41,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Alex G. Balazs sold 280 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the sale, the insider now owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,908 shares of company stock worth $54,521,562. 2.90% of the stock is currently owned by corporate insiders.

Intuit Stock Down 1.2 %

Shares of Intuit stock opened at $567.24 on Tuesday. The company has a fifty day moving average price of $620.69 and a 200 day moving average price of $624.33. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit Inc. has a twelve month low of $434.58 and a twelve month high of $676.62. The stock has a market cap of $158.57 billion, a price-to-earnings ratio of 52.33, a price-to-earnings-growth ratio of 3.28 and a beta of 1.21.

Intuit (NASDAQ:INTUGet Free Report) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.65 billion. During the same quarter in the previous year, the business posted $7.80 EPS. The firm’s revenue was up 11.9% compared to the same quarter last year. Equities research analysts forecast that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be issued a $0.90 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a yield of 0.63%. Intuit’s dividend payout ratio is currently 33.21%.

Wall Street Analyst Weigh In

INTU has been the subject of several research reports. Evercore ISI lifted their price objective on Intuit from $670.00 to $725.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Oppenheimer lifted their price objective on Intuit from $678.00 to $712.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. KeyCorp lifted their price objective on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Bank of America cut their price target on Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a report on Friday, May 24th. Finally, StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a report on Monday, May 27th. Four research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $679.41.

Read Our Latest Stock Report on Intuit

About Intuit

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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