Central Bank & Trust Co. Cuts Position in Intuit Inc. (NASDAQ:INTU)

Central Bank & Trust Co. lowered its position in Intuit Inc. (NASDAQ:INTU) by 6.2% in the third quarter, Holdings Channel reports. The fund owned 15,101 shares of the software maker’s stock after selling 994 shares during the period. Intuit makes up approximately 1.3% of Central Bank & Trust Co.’s portfolio, making the stock its 25th biggest holding. Central Bank & Trust Co.’s holdings in Intuit were worth $9,378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC raised its position in shares of Intuit by 276.5% during the 1st quarter. Salomon & Ludwin LLC now owns 64 shares of the software maker’s stock worth $42,000 after acquiring an additional 47 shares in the last quarter. United Community Bank grew its holdings in shares of Intuit by 67.5% during the first quarter. United Community Bank now owns 335 shares of the software maker’s stock worth $218,000 after purchasing an additional 135 shares during the last quarter. Catalina Capital Group LLC acquired a new stake in shares of Intuit during the first quarter worth about $502,000. Signaturefd LLC lifted its holdings in shares of Intuit by 3.6% in the 1st quarter. Signaturefd LLC now owns 5,972 shares of the software maker’s stock valued at $3,882,000 after purchasing an additional 208 shares during the last quarter. Finally, Csenge Advisory Group grew its stake in Intuit by 24.9% during the 1st quarter. Csenge Advisory Group now owns 723 shares of the software maker’s stock worth $470,000 after buying an additional 144 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Performance

NASDAQ INTU opened at $619.01 on Tuesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a fifty-two week low of $494.35 and a fifty-two week high of $676.62. The business has a fifty day moving average of $622.95 and a 200-day moving average of $626.71. The stock has a market cap of $173.50 billion, a price-to-earnings ratio of 59.24, a price-to-earnings-growth ratio of 3.04 and a beta of 1.25.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating 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 firm 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 company posted $0.40 EPS. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. As a group, analysts predict that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were paid a $1.04 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Thursday, October 10th. Intuit’s dividend payout ratio is presently 39.81%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on INTU. Piper Sandler reiterated an “overweight” rating and set a $768.00 price target on shares of Intuit in a research note on Friday, September 27th. JPMorgan Chase & Co. increased their price target on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Stifel Nicolaus boosted their price objective on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Barclays cut their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Finally, Jefferies Financial Group boosted their target price on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and an average price target of $735.71.

Insider Activity

In related news, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. This trade 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 at the SEC website. In related news, CFO Sandeep Aujla sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $617.28, for a total value of $2,469,120.00. Following the transaction, the chief financial officer now owns 452 shares in the company, valued at approximately $279,010.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 in the last 90 days. 2.90% of the stock is currently 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.