Commerce Bank Sells 7,129 Shares of Intuit Inc. (INTU)
Commerce Bank lowered its stake in Intuit Inc. (NASDAQ:INTU) by 20.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,611 shares of the software maker’s stock after selling 7,129 shares during the period. Commerce Bank’s holdings in Intuit were worth $3,667,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. State of Alaska Department of Revenue purchased a new stake in shares of Intuit during the first quarter valued at about $238,000. Glen Harbor Capital Management LLC raised its position in Intuit by 39.0% in the first quarter. Glen Harbor Capital Management LLC now owns 5,472 shares of the software maker’s stock valued at $635,000 after buying an additional 1,536 shares during the period. IFP Advisors Inc raised its position in Intuit by 28.2% in the first quarter. IFP Advisors Inc now owns 2,136 shares of the software maker’s stock valued at $248,000 after buying an additional 470 shares during the period. Rockefeller Financial Services Inc. raised its position in Intuit by 3.3% in the first quarter. Rockefeller Financial Services Inc. now owns 3,305 shares of the software maker’s stock valued at $383,000 after buying an additional 105 shares during the period. Finally, Wells Fargo & Company MN raised its position in Intuit by 7.5% in the first quarter. Wells Fargo & Company MN now owns 813,446 shares of the software maker’s stock valued at $94,352,000 after buying an additional 56,894 shares during the period. Institutional investors and hedge funds own 85.63% of the company’s stock.
Shares of Intuit Inc. (NASDAQ INTU) opened at 141.45 on Friday. The stock has a 50 day moving average price of $136.37 and a 200 day moving average price of $129.68. The firm has a market capitalization of $36.35 billion, a P/E ratio of 38.02 and a beta of 1.15. Intuit Inc. has a 12 month low of $103.22 and a 12 month high of $143.81.
Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. Intuit had a net margin of 18.76% and a return on equity of 82.43%. The business had revenue of $842 million for the quarter, compared to analyst estimates of $808.82 million. During the same quarter in the prior year, the business earned $0.08 EPS. Intuit’s quarterly revenue was up 11.7% on a year-over-year basis. On average, analysts expect that Intuit Inc. will post $4.97 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Tuesday, October 10th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 6th. This represents a $1.56 dividend on an annualized basis and a yield of 1.10%. This is a positive change from Intuit’s previous quarterly dividend of $0.34. Intuit’s dividend payout ratio is 36.56%.
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Several equities analysts have weighed in on INTU shares. Citigroup Inc. raised their target price on Intuit from $128.00 to $148.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Deutsche Bank AG raised their target price on Intuit from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Bank of America Corporation raised their target price on Intuit from $130.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Credit Suisse Group raised their target price on Intuit from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. Finally, Royal Bank Of Canada raised their target price on Intuit from $126.00 to $140.00 and gave the company a “sector perform” rating in a report on Wednesday, May 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. Intuit presently has an average rating of “Hold” and a consensus target price of $137.59.
In related news, EVP Henry Tayloe Stansbury sold 1,871 shares of the company’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $135.29, for a total value of $253,127.59. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Daniel A. Wernikoff sold 15,684 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $140.50, for a total transaction of $2,203,602.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 481,827 shares of company stock worth $65,231,949. 5.70% of the stock is owned by company insiders.
Intuit Company Profile
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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