Chevy Chase Trust Holdings LLC Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Chevy Chase Trust Holdings LLC reduced its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 1.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 150,247 shares of the software maker’s stock after selling 2,967 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Intuit worth $93,303,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. LGT Financial Advisors LLC purchased a new position in Intuit in the 2nd quarter worth $25,000. Cultivar Capital Inc. purchased a new position in shares of Intuit in the second quarter worth about $26,000. Fairway Wealth LLC bought a new stake in shares of Intuit in the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Intuit in the 3rd quarter valued at about $27,000. Finally, Hobbs Group Advisors LLC bought a new position in Intuit during the 2nd quarter worth approximately $35,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Up 0.9 %

NASDAQ:INTU opened at $641.73 on Monday. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78. The company has a market capitalization of $179.71 billion, a PE ratio of 62.30, a P/E/G ratio of 3.17 and a beta of 1.25. The firm’s 50-day moving average price is $634.10 and its 200-day moving average price is $631.26. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the previous year, the firm posted $1.14 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities analysts predict that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. Intuit’s payout ratio is presently 40.39%.

Analysts Set New Price Targets

Several analysts have weighed in on INTU shares. Susquehanna reiterated a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research report on Friday, August 16th. Oppenheimer increased their price target on shares of Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Stifel Nicolaus decreased their price objective on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. BMO Capital Markets increased their target price on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Finally, Morgan Stanley boosted their price target on Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a report on Friday, November 22nd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus target price of $737.44.

Insider Activity at Intuit

In other news, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the transaction, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. This represents a 99.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the sale, the chief financial officer now owns 4,451 shares of the company’s stock, valued at $2,676,430.81. The trade was a 14.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,265 shares of company stock valued at $83,336,625. 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.