Circle Wealth Management LLC Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Circle Wealth Management LLC lowered its position in shares of Intuit Inc. (NASDAQ:INTUGet Rating) by 12.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 607 shares of the software maker’s stock after selling 85 shares during the period. Circle Wealth Management LLC’s holdings in Intuit were worth $292,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. grew its stake in Intuit by 0.3% in the first quarter. Invesco Ltd. now owns 3,597,064 shares of the software maker’s stock valued at $1,729,611,000 after purchasing an additional 9,088 shares during the last quarter. Tenere Capital LLC grew its stake in Intuit by 53.8% in the first quarter. Tenere Capital LLC now owns 20,900 shares of the software maker’s stock valued at $8,006,000 after purchasing an additional 7,313 shares during the last quarter. Advent International Corp MA grew its stake in Intuit by 69.1% in the first quarter. Advent International Corp MA now owns 12,850 shares of the software maker’s stock valued at $6,179,000 after purchasing an additional 5,250 shares during the last quarter. First Commonwealth Financial Corp PA grew its stake in Intuit by 2.3% in the first quarter. First Commonwealth Financial Corp PA now owns 1,548 shares of the software maker’s stock valued at $744,000 after purchasing an additional 35 shares during the last quarter. Finally, ING Groep NV grew its stake in Intuit by 24.3% in the first quarter. ING Groep NV now owns 62,376 shares of the software maker’s stock valued at $29,993,000 after purchasing an additional 12,184 shares during the last quarter. Hedge funds and other institutional investors own 83.31% of the company’s stock.

Intuit Trading Up 2.5 %

Intuit stock opened at $450.03 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.39 and a debt-to-equity ratio of 0.39. Intuit Inc. has a 52 week low of $339.36 and a 52 week high of $716.86. The company has a market capitalization of $126.85 billion, a price-to-earnings ratio of 62.07, a price-to-earnings-growth ratio of 3.17 and a beta of 1.19. The stock has a 50-day moving average price of $437.37 and a 200 day moving average price of $432.01.

Intuit (NASDAQ:INTUGet Rating) last announced its quarterly earnings results on Tuesday, August 23rd. The software maker reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.12. Intuit had a return on equity of 16.47% and a net margin of 16.23%. During the same quarter in the previous year, the company earned $1.28 earnings per share. Sell-side analysts anticipate that Intuit Inc. will post 9.1 EPS for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 18th. Investors of record on Monday, October 10th will be given a dividend of $0.78 per share. This is a boost from Intuit’s previous quarterly dividend of $0.68. This represents a $3.12 annualized dividend and a yield of 0.69%. The ex-dividend date is Thursday, October 6th. Intuit’s dividend payout ratio (DPR) is currently 37.52%.

Analyst Upgrades and Downgrades

INTU has been the topic of several analyst reports. Credit Suisse Group cut their target price on Intuit from $600.00 to $500.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 25th. Bank of America cut their target price on Intuit from $650.00 to $530.00 and set a “buy” rating on the stock in a research note on Wednesday, May 25th. Deutsche Bank Aktiengesellschaft raised their price target on Intuit from $525.00 to $560.00 in a report on Wednesday, August 24th. William Blair reissued an “outperform” rating on shares of Intuit in a report on Wednesday, May 25th. Finally, Citigroup began coverage on Intuit in a report on Thursday, September 1st. They issued a “buy” rating and a $538.00 price target for the company. One investment analyst has rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Intuit presently has an average rating of “Moderate Buy” and a consensus price target of $570.61.

Insider Activity at Intuit

In related news, EVP Laura A. Fennell sold 10,000 shares of Intuit stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $392.39, for a total transaction of $3,923,900.00. Following the completion of the transaction, the executive vice president now directly owns 28,717 shares in the company, valued at $11,268,263.63. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Laura A. Fennell sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $392.39, for a total transaction of $3,923,900.00. Following the completion of the transaction, the executive vice president now directly owns 28,717 shares of the company’s stock, valued at approximately $11,268,263.63. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sasan K. Goodarzi sold 22,250 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $463.21, for a total value of $10,306,422.50. Following the transaction, the chief executive officer now directly owns 60,208 shares of the company’s stock, valued at $27,888,947.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,902 shares of company stock worth $16,251,640. 3.27% of the stock is owned by corporate insiders.

Intuit Profile

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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 ProConnect.

Further Reading

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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