HCR Wealth Advisors Trims Stock Position in Intuit Inc. (NASDAQ:INTU)

HCR Wealth Advisors decreased its position in Intuit Inc. (NASDAQ:INTU) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,205 shares of the software maker’s stock after selling 103 shares during the period. HCR Wealth Advisors’ holdings in Intuit were worth $740,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Global X Japan Co. Ltd. lifted its position in Intuit by 11.7% in the first quarter. Global X Japan Co. Ltd. now owns 39,028 shares of the software maker’s stock valued at $23,963,000 after buying an additional 4,083 shares during the last quarter. Premier Path Wealth Partners LLC lifted its holdings in shares of Intuit by 5.8% in the 1st quarter. Premier Path Wealth Partners LLC now owns 2,034 shares of the software maker’s stock worth $1,249,000 after acquiring an additional 112 shares during the last quarter. Johnson Investment Counsel Inc. boosted its position in shares of Intuit by 2.2% during the 1st quarter. Johnson Investment Counsel Inc. now owns 82,732 shares of the software maker’s stock worth $50,797,000 after purchasing an additional 1,789 shares during the period. State of Alaska Department of Revenue boosted its position in shares of Intuit by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 32,803 shares of the software maker’s stock worth $20,140,000 after purchasing an additional 841 shares during the period. Finally, LifeWealth Investments LLC acquired a new stake in Intuit in the 1st quarter valued at approximately $357,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on INTU shares. Barclays restated an “overweight” rating and set a $815.00 price target (up from $775.00) on shares of Intuit in a research note on Friday, May 23rd. HSBC raised Intuit from a “hold” rating to a “buy” rating and set a $699.00 target price on the stock in a research note on Wednesday, April 23rd. Citigroup reaffirmed a “buy” rating and issued a $789.00 target price (up from $726.00) on shares of Intuit in a research report on Friday, May 23rd. Oppenheimer reiterated an “outperform” rating and set a $742.00 price target (up from $642.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Redburn Atlantic initiated coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $787.95.

Insider Activity at Intuit

In other news, insider Scott D. Cook sold 72,442 shares of the company’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider now directly owns 6,063,495 shares of the company’s stock, valued at approximately $4,494,808,208.55. This represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Marianna Tessel sold 7,385 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $600.13, for a total transaction of $4,431,960.05. Following the sale, the executive vice president now owns 40,190 shares of the company’s stock, valued at $24,119,224.70. This trade represents a 15.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 286,706 shares of company stock valued at $212,420,665 in the last three months. 2.68% of the stock is currently owned by company insiders.

Intuit Trading Down 1.3%

NASDAQ:INTU opened at $754.83 on Thursday. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $773.45. The stock has a market cap of $210.56 billion, a P/E ratio of 61.27, a P/E/G ratio of 3.40 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a 50-day simple moving average of $675.86 and a 200-day simple moving average of $632.87.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the prior year, the company posted $9.88 earnings per share. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Thursday, July 10th. Intuit’s payout ratio is currently 33.77%.

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.