Invesco LLC Has $527,000 Stake in Intuit Inc. (NASDAQ:INTU)

Invesco LLC reduced its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 51.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 859 shares of the software maker’s stock after selling 905 shares during the period. Invesco LLC’s holdings in Intuit were worth $527,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Intuit by 2.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock valued at $107,854,000 after buying an additional 3,648 shares during the period. Capitolis Liquid Global Markets LLC bought a new position in Intuit during the fourth quarter worth $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Intuit in the fourth quarter valued at $237,244,000. Aigen Investment Management LP bought a new stake in Intuit in the fourth quarter valued at $2,958,000. Finally, Baer Investment Advisory LLC acquired a new position in shares of Intuit during the fourth quarter valued at about $3,261,000. 83.66% of the stock is owned by institutional investors.

Intuit Trading Up 0.2%

Shares of INTU stock opened at $762.55 on Tuesday. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $773.45. The company’s fifty day simple moving average is $686.27 and its two-hundred day simple moving average is $635.14. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The stock has a market capitalization of $212.71 billion, a price-to-earnings ratio of 61.90, a PEG ratio of 3.39 and a beta of 1.28.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter last year, the company earned $9.88 EPS. The firm’s revenue was up 15.1% compared to the same quarter last year. As a group, analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit’s dividend payout ratio (DPR) is presently 33.77%.

Insiders Place Their Bets

In other Intuit news, insider Scott D. Cook sold 62,816 shares of Intuit stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $765.99, for a total transaction of $48,116,427.84. Following the completion of the sale, the insider now directly owns 6,000,679 shares in the company, valued at $4,596,460,107.21. The trade was a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kerry J. Mclean sold 16,700 shares of the firm’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the sale, the executive vice president now owns 23,101 shares in the company, valued at approximately $16,844,325.16. This trade represents a 41.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 271,158 shares of company stock worth $202,989,194 in the last three months. 2.68% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on INTU shares. Bank of America boosted their target price on Intuit from $730.00 to $875.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. KeyCorp reiterated an “overweight” rating and issued a $850.00 target price (up from $770.00) on shares of Intuit in a report on Friday, May 23rd. Wells Fargo & Company set a $880.00 price target on shares of Intuit and gave the company an “overweight” rating in a research report on Friday, June 13th. JPMorgan Chase & Co. raised their price objective on shares of Intuit from $660.00 to $770.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. Finally, Citigroup restated a “buy” rating and issued a $789.00 target price (up previously from $726.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $787.95.

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.