Intuit Inc. (NASDAQ:INTU) Stake Lowered by Folger Nolan Fleming Douglas Capital Management Inc.

Folger Nolan Fleming Douglas Capital Management Inc. reduced its stake in shares of Intuit Inc. (NASDAQ:INTU) by 15.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,740 shares of the software maker’s stock after selling 500 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Intuit were worth $1,682,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Intuit by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock worth $107,854,000 after acquiring an additional 3,648 shares during the last quarter. Capitolis Liquid Global Markets LLC acquired a new position in Intuit during the 4th quarter worth $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Intuit during the 4th quarter worth $237,244,000. V Square Quantitative Management LLC lifted its position in Intuit by 7.0% during the 4th quarter. V Square Quantitative Management LLC now owns 7,671 shares of the software maker’s stock worth $4,821,000 after acquiring an additional 501 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new position in Intuit during the 4th quarter worth $10,757,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Intuit news, CFO Sandeep Aujla sold 16,061 shares of the company’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total transaction 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 represents a 98.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark P. Notarainni sold 469 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $725.00, for a total transaction of $340,025.00. Following the sale, the executive vice president now directly owns 19 shares in the company, valued at $13,775. This represents a 96.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 288,408 shares of company stock valued at $213,441,865. 2.68% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on INTU shares. Piper Sandler reissued an “overweight” rating and set a $825.00 target price (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $850.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Redburn Atlantic assumed coverage on shares of Intuit in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. The Goldman Sachs Group boosted their price objective on shares of Intuit from $750.00 to $860.00 and gave the stock a “buy” rating in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. boosted 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. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $785.33.

Intuit Stock Performance

NASDAQ INTU opened at $766.21 on Friday. The stock has a market cap of $213.73 billion, a P/E ratio of 74.39, a PEG ratio of 2.85 and a beta of 1.28. The company’s 50-day simple moving average is $660.65 and its 200 day simple moving average is $629.50. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $773.45. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.88 earnings per share. As a group, research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.54%. Intuit’s dividend payout ratio is 33.77%.

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.