Endowment Wealth Management Inc. Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

Endowment Wealth Management Inc. lowered its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 539 shares of the software maker’s stock after selling 17 shares during the period. Endowment Wealth Management Inc.’s holdings in Intuit were worth $335,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fortitude Family Office LLC lifted its position in shares of Intuit by 2.8% in the 2nd quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after purchasing an additional 16 shares during the period. WASHINGTON TRUST Co increased its stake in shares of Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after acquiring an additional 16 shares in the last quarter. Gemmer Asset Management LLC increased its stake in shares of Intuit by 3.7% in the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after acquiring an additional 16 shares in the last quarter. PFG Investments LLC increased its stake in shares of Intuit by 1.1% in the 2nd quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock worth $1,024,000 after acquiring an additional 17 shares in the last quarter. Finally, Plancorp LLC increased its stake in shares of Intuit by 2.0% in the 2nd quarter. Plancorp LLC now owns 881 shares of the software maker’s stock worth $579,000 after acquiring an additional 17 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on INTU shares. BMO Capital Markets increased their price target on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Stifel Nicolaus increased their price target on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. raised their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Susquehanna restated a “positive” rating and set a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. Finally, Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Intuit presently has an average rating of “Moderate Buy” and a consensus price target of $735.71.

Intuit Stock Performance

Shares of INTU stock opened at $706.25 on Thursday. The company has a 50 day moving average price of $630.03 and a 200-day moving average price of $629.21. Intuit Inc. has a 52 week low of $541.40 and a 52 week high of $714.78. The firm has a market capitalization of $197.95 billion, a PE ratio of 67.58, a P/E/G ratio of 3.42 and a beta of 1.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue was up 17.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.40 earnings per share. As a group, equities research analysts expect that Intuit Inc. will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were issued a dividend of $1.04 per share. The ex-dividend date was Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.59%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is currently 39.81%.

Insider Buying and Selling at Intuit

In other news, EVP Kerry J. Mclean sold 11,079 shares of Intuit stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the sale, the executive vice president now owns 24,941 shares in the company, valued at $15,752,985.01. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the sale, the chief financial officer now owns 3,840 shares of the company’s stock, valued at $2,384,755.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the sale, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $15,752,985.01. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock valued at $35,220,046 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

About Intuit

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.