Intuit Inc. (NASDAQ:INTU) Shares Sold by Grove Bank & Trust

Grove Bank & Trust trimmed its stake in Intuit Inc. (NASDAQ:INTU) by 35.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 933 shares of the software maker’s stock after selling 511 shares during the quarter. Grove Bank & Trust’s holdings in Intuit were worth $579,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Fiduciary Alliance LLC purchased a new stake in shares of Intuit during the 3rd quarter valued at $258,000. Elk River Wealth Management LLC raised its position in shares of Intuit by 1.0% in the 3rd quarter. Elk River Wealth Management LLC now owns 14,168 shares of the software maker’s stock worth $8,798,000 after buying an additional 136 shares during the period. Empirical Asset Management LLC boosted its holdings in Intuit by 7.0% in the third quarter. Empirical Asset Management LLC now owns 6,822 shares of the software maker’s stock valued at $4,236,000 after acquiring an additional 449 shares during the last quarter. Sapient Capital LLC grew its position in Intuit by 4.3% during the third quarter. Sapient Capital LLC now owns 38,942 shares of the software maker’s stock valued at $24,183,000 after acquiring an additional 1,589 shares during the period. Finally, Procyon Advisors LLC increased its stake in Intuit by 1.5% during the third quarter. Procyon Advisors LLC now owns 6,570 shares of the software maker’s stock worth $4,080,000 after acquiring an additional 94 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity

In related news, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the transaction, the executive vice president now directly owns 20 shares in the company, valued at $12,575.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the sale, the executive vice president now owns 20 shares in the company, valued at $12,575.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of Intuit stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the transaction, the executive vice president now owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is currently owned by insiders.

Intuit Stock Up 0.1 %

Shares of NASDAQ:INTU opened at $617.16 on Tuesday. The firm has a market cap of $172.53 billion, a PE ratio of 56.93, a price-to-earnings-growth ratio of 3.04 and a beta of 1.24. The company has a fifty day simple moving average of $630.96 and a 200 day simple moving average of $628.20. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the firm earned $0.40 EPS. The company’s revenue was up 17.4% on a year-over-year basis. On average, equities research analysts anticipate that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a $1.04 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.67%. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on INTU shares. JPMorgan Chase & Co. lifted their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Bank of America lifted their price target on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Citigroup increased their price objective on shares of Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Piper Sandler restated an “overweight” rating and set a $768.00 target price on shares of Intuit in a report on Friday, September 27th. Finally, Barclays decreased their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $735.71.

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.