Procyon Advisors LLC Has $1.98 Million Stake in Intuit Inc. (NASDAQ:INTU)

Procyon Advisors LLC lowered its holdings in Intuit Inc. (NASDAQ:INTU) by 52.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,147 shares of the software maker’s stock after selling 3,423 shares during the quarter. Procyon Advisors LLC’s holdings in Intuit were worth $1,978,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. International Assets Investment Management LLC boosted its position in shares of Intuit by 68,404.7% during the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after buying an additional 483,621 shares during the last quarter. Holocene Advisors LP lifted its stake in Intuit by 99.6% during the 3rd quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock valued at $388,487,000 after acquiring an additional 312,212 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Intuit by 83.2% during the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after acquiring an additional 268,060 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after acquiring an additional 238,486 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Intuit by 1.8% in the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after purchasing an additional 221,885 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on INTU. JPMorgan Chase & Co. boosted their price target on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Piper Sandler restated an “overweight” rating and issued a $765.00 target price on shares of Intuit in a research note on Friday, January 10th. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target for the company. in a research report on Wednesday. Barclays cut their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Finally, Oppenheimer raised their target price on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $726.53.

Intuit Stock Down 0.5 %

Intuit stock opened at $604.13 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78. The firm has a market capitalization of $169.11 billion, a price-to-earnings ratio of 58.65, a P/E/G ratio of 3.07 and a beta of 1.25. The firm has a 50 day simple moving average of $647.69 and a 200 day simple moving average of $637.39.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.14 earnings per share. On average, analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.69%. Intuit’s dividend payout ratio (DPR) is currently 40.39%.

Insider Transactions at Intuit

In other news, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at approximately $1,154,337.92. The trade was a 36.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 109 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total transaction of $68,506.50. Following the completion of the sale, the chief financial officer now directly owns 1,944 shares in the company, valued at $1,221,804. This represents a 5.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293,014 shares of company stock valued at $188,992,187. 2.68% of the stock is currently owned by company 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.