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

Thrive Wealth Management LLC cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 5.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,812 shares of the software maker’s stock after selling 113 shares during the period. Thrive Wealth Management LLC’s holdings in Intuit were worth $1,112,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in INTU. Brighton Jones LLC boosted its stake in Intuit by 61.3% during the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker’s stock valued at $2,233,000 after purchasing an additional 1,350 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of Intuit during the fourth quarter worth approximately $104,278,000. Revolve Wealth Partners LLC boosted its position in shares of Intuit by 145.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker’s stock worth $511,000 after buying an additional 482 shares during the period. R Squared Ltd bought a new position in Intuit in the 4th quarter worth approximately $25,000. Finally, Golden State Equity Partners increased its position in Intuit by 140.4% in the 4th quarter. Golden State Equity Partners now owns 327 shares of the software maker’s stock valued at $206,000 after acquiring an additional 191 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on INTU. Morgan Stanley reiterated an “overweight” rating and set a $785.00 price target (up previously from $720.00) on shares of Intuit in a research report on Friday, May 23rd. UBS Group set a $750.00 price target on Intuit and gave the company a “neutral” rating in a report on Friday, May 23rd. JPMorgan Chase & Co. upped their price objective on shares of Intuit from $660.00 to $770.00 and gave the stock an “overweight” rating in a report on Friday, May 23rd. Evercore ISI increased their target price on shares of Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a research report on Friday, May 23rd. Finally, Jefferies Financial Group set a $850.00 target price on shares of Intuit and gave the company a “buy” rating in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Intuit presently has an average rating of “Moderate Buy” and an average price target of $785.33.

Intuit Trading Up 0.3%

Intuit stock opened at $766.81 on Thursday. The firm has a market cap of $213.90 billion, a price-to-earnings ratio of 74.45, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $769.68. The firm’s 50 day moving average price is $640.03 and its two-hundred day moving average price is $624.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

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

Intuit Announces Dividend

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 paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.54%. Intuit’s dividend payout ratio is currently 33.77%.

Insiders Place Their Bets

In related news, insider Scott D. Cook sold 72,442 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider now owns 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. This represents a 1.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total value of $1,021,200.00. Following the completion of the sale, the director now owns 8 shares of the company’s stock, valued at $4,800. The trade was a 99.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 189,804 shares of company stock worth $138,081,963. Company insiders own 2.68% of the company’s stock.

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.