Summit Global Investments Sells 3,139 Shares of Intuit Inc. $INTU

Summit Global Investments trimmed its position in shares of Intuit Inc. (NASDAQ:INTU) by 54.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,593 shares of the software maker’s stock after selling 3,139 shares during the quarter. Summit Global Investments’ holdings in Intuit were worth $715,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in INTU. Legacy Wealth Managment LLC ID increased its position in shares of Intuit by 10.3% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 267 shares of the software maker’s stock valued at $115,000 after buying an additional 25 shares in the last quarter. Sachetta LLC raised its stake in Intuit by 33.7% during the 1st quarter. Sachetta LLC now owns 111 shares of the software maker’s stock worth $48,000 after buying an additional 28 shares during the period. Stronghold Wealth Management L.L.C. lifted its holdings in Intuit by 6.5% during the first quarter. Stronghold Wealth Management L.L.C. now owns 474 shares of the software maker’s stock worth $205,000 after acquiring an additional 29 shares in the last quarter. Delta Asset Management LLC TN lifted its holdings in Intuit by 13.2% during the second quarter. Delta Asset Management LLC TN now owns 258 shares of the software maker’s stock worth $67,000 after acquiring an additional 30 shares in the last quarter. Finally, Bond & Devick Financial Network Inc. lifted its holdings in Intuit by 3.3% during the third quarter. Bond & Devick Financial Network Inc. now owns 934 shares of the software maker’s stock worth $258,000 after acquiring an additional 30 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling

In related news, Director Richard Dalzell sold 285 shares of Intuit stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $325.36, for a total value of $92,727.60. Following the sale, the director owned 11,531 shares of the company’s stock, valued at approximately $3,751,726.16. This trade represents a 2.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Lauren Hotz sold 907 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $346.54, for a total value of $314,311.78. Following the completion of the sale, the chief accounting officer owned 1,628 shares in the company, valued at $564,167.12. The trade was a 35.78% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.49% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Jefferies Financial Group lowered their price target on Intuit from $550.00 to $500.00 and set a “buy” rating for the company in a report on Sunday, August 23rd. Morgan Stanley cut their price objective on Intuit from $335.00 to $315.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft decreased their price objective on Intuit from $530.00 to $425.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. Stifel Nicolaus reissued a “hold” rating and set a $300.00 target price on shares of Intuit in a research note on Friday, September 18th. Finally, KeyCorp set a $400.00 target price on shares of Intuit in a report on Wednesday, August 26th. Sixteen research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $431.55.

Intuit Price Performance

Shares of NASDAQ INTU opened at $352.10 on Tuesday. The company has a fifty day moving average price of $319.08 and a 200 day moving average price of $361.12. The firm has a market cap of $94.10 billion, a PE ratio of 21.34, a PEG ratio of 1.08 and a beta of 1.01. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.34. Intuit Inc. has a 1-year low of $252.84 and a 1-year high of $682.27.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Tuesday, August 25th. The software maker reported $4.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.58 by $0.45. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.27 billion. Intuit had a return on equity of 25.97% and a net margin of 21.29%. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter last year, the business posted $2.75 EPS. Intuit has set its Q1 2027 guidance at 2.440-2.480 EPS and its FY 2027 guidance at 22.880-23.120 EPS. Research analysts predict that Intuit Inc. will post 23.02 earnings per share for the current fiscal year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Thursday, October 8th were issued a dividend of $1.38 per share. The ex-dividend date was Thursday, October 8th. This is a boost from Intuit’s previous quarterly dividend of $1.20. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.6%. Intuit’s dividend payout ratio is 33.45%.

About Intuit

Intuit Inc is a global financial technology and business software company that develops products designed to help consumers, small businesses and accounting professionals manage finances, taxes and marketing. Its ecosystem combines financial management, tax preparation, accounting, payments and customer relationship tools.

The company’s principal products include TurboTax for tax preparation, QuickBooks for accounting, invoicing, payroll and payments, Credit Karma for personal financial services, and Mailchimp for marketing automation and customer engagement.