Institute for Wealth Management LLC. Lowers Stock Position in Intuit Inc. (NASDAQ:INTU)

Institute for Wealth Management LLC. lowered its position in Intuit Inc. (NASDAQ:INTU) by 1.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,089 shares of the software maker’s stock after selling 20 shares during the period. Institute for Wealth Management LLC.’s holdings in Intuit were worth $681,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Beaumont Financial Advisors LLC increased its holdings in Intuit by 2.8% during the fourth quarter. Beaumont Financial Advisors LLC now owns 932 shares of the software maker’s stock worth $583,000 after buying an additional 25 shares during the last quarter. Lafayette Investments Inc. purchased a new stake in Intuit during the fourth quarter worth about $206,000. Grunden Financial Advisory Inc. purchased a new stake in Intuit during the fourth quarter worth about $309,000. Fidelis Capital Partners LLC increased its holdings in Intuit by 12.8% during the fourth quarter. Fidelis Capital Partners LLC now owns 1,611 shares of the software maker’s stock worth $1,007,000 after buying an additional 183 shares during the last quarter. Finally, Western Wealth Management LLC increased its holdings in Intuit by 39.4% during the fourth quarter. Western Wealth Management LLC now owns 548 shares of the software maker’s stock worth $343,000 after buying an additional 155 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Shares of INTU stock opened at $605.17 on Friday. Intuit Inc. has a one year low of $400.22 and a one year high of $671.01. The company’s 50-day moving average is $642.93 and its 200 day moving average is $599.06. The company has a market capitalization of $169.45 billion, a price-to-earnings ratio of 61.75, a price-to-earnings-growth ratio of 3.70 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, February 22nd. The software maker reported $2.63 EPS for the quarter, beating the consensus estimate of $2.30 by $0.33. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the firm posted $1.05 EPS. Intuit’s revenue for the quarter was up 11.3% on a year-over-year basis. Sell-side analysts expect that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Investors of record on Wednesday, April 10th were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 0.59%. The ex-dividend date was Tuesday, April 9th. Intuit’s dividend payout ratio (DPR) is 36.73%.

Analyst Ratings Changes

A number of equities analysts have weighed in on INTU shares. Piper Sandler increased their target price on shares of Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. BMO Capital Markets reiterated an “outperform” rating and set a $700.00 target price on shares of Intuit in a research report on Tuesday, March 26th. KeyCorp increased their target price on shares of Intuit from $700.00 to $720.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 27th. Evercore ISI increased their target price on shares of Intuit from $670.00 to $725.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Finally, Barclays increased their target price on shares of Intuit from $735.00 to $745.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $645.00.

Insider Activity at Intuit

In other Intuit news, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Intuit news, CAO Lauren D. Hotz sold 745 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $655.13, for a total transaction of $488,071.85. Following the transaction, the chief accounting officer now owns 3,180 shares in the company, valued at approximately $2,083,313.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,717 shares of company stock valued at $3,117,156. 2.90% of the stock is owned by 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.