Covenant Asset Management LLC Cuts Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Covenant Asset Management LLC lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 1.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,197 shares of the software maker’s stock after selling 52 shares during the period. Covenant Asset Management LLC’s holdings in Intuit were worth $2,638,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of INTU. International Assets Investment Management LLC raised its stake in 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 worth $300,768,000 after purchasing an additional 483,621 shares during the period. Holocene Advisors LP increased its position in shares of Intuit by 99.6% in the third quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock worth $388,487,000 after acquiring an additional 312,212 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Intuit by 83.2% in the fourth 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 in the last quarter. State Street Corp increased its position 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 worth $7,648,910,000 after acquiring an additional 221,885 shares in the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Intuit in the fourth quarter worth $104,278,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

INTU has been the subject of several recent research reports. Barclays dropped their price objective on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. BNP Paribas lowered shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a research report on Wednesday, January 15th. Jefferies Financial Group increased their price objective on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $760.00 price target on shares of Intuit in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $726.53.

Intuit Trading Up 0.6 %

Intuit stock opened at $587.38 on Friday. The firm’s 50-day moving average is $621.39 and its 200-day moving average is $630.35. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a 1 year low of $557.29 and a 1 year high of $714.78. The company has a market cap of $164.42 billion, a P/E ratio of 57.03, a PEG ratio of 2.91 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted 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 company 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 last year, the firm posted $1.14 EPS. On average, equities analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were given a $1.04 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $4.16 annualized dividend and a yield of 0.71%. Intuit’s dividend payout ratio is presently 40.39%.

Insider Activity at Intuit

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

Intuit Profile

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.