First Western Trust Bank Trims Holdings in Intuit Inc. (NASDAQ:INTU)

First Western Trust Bank reduced its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 10.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,158 shares of the software maker's stock after selling 1,102 shares during the quarter. First Western Trust Bank's holdings in Intuit were worth $5,687,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Legal & General Group Plc grew its stake in Intuit by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker's stock valued at $1,538,236,000 after acquiring an additional 23,995 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker's stock worth $1,062,578,000 after purchasing an additional 238,486 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Intuit by 4.2% in the 2nd quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker's stock worth $925,262,000 after purchasing an additional 56,370 shares during the last quarter. Capital World Investors lifted its holdings in shares of Intuit by 1.0% during the first quarter. Capital World Investors now owns 1,188,779 shares of the software maker's stock worth $772,706,000 after buying an additional 12,068 shares during the last quarter. Finally, Unisphere Establishment lifted its holdings in shares of Intuit by 4.2% during the second quarter. Unisphere Establishment now owns 1,000,000 shares of the software maker's stock worth $657,210,000 after buying an additional 40,000 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. Barclays increased their target price on Intuit from $740.00 to $800.00 and gave the stock an "overweight" rating in a report on Friday. Piper Sandler reissued an "overweight" rating and issued a $768.00 target price on shares of Intuit in a research note on Friday, September 27th. StockNews.com raised Intuit from a "hold" rating to a "buy" rating in a research report on Monday, September 30th. Susquehanna reiterated a "positive" rating and set a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Finally, Bank of America raised their price objective on Intuit from $730.00 to $780.00 and gave the company a "buy" rating in a research report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $739.24.

Intuit Stock Performance

Shares of INTU stock traded down $10.19 during trading on Monday, hitting $677.68. The company's stock had a trading volume of 1,000,778 shares, compared to its average volume of 1,334,232. The business has a fifty day moving average of $633.08 and a 200-day moving average of $630.19. Intuit Inc. has a 52 week low of $557.29 and a 52 week high of $714.78. The company has a market cap of $189.95 billion, a PE ratio of 65.82, a P/E/G ratio of 3.36 and a beta of 1.25. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings data 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 return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the prior year, the company earned $0.40 earnings per share. Intuit's revenue was up 17.4% compared to the same quarter last year. As a group, research analysts anticipate that Intuit Inc. will post 14.05 earnings per share for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.61%. This is an increase from Intuit's previous quarterly dividend of $0.90. Intuit's dividend payout ratio is currently 39.81%.

Insiders Place Their Bets

In related news, EVP Alex G. Balazs sold 2,941 shares of Intuit 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 completion of the sale, the executive vice president now owns 20 shares of the company's stock, valued at approximately $12,575.20. This trade represents a 99.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 4,000 shares of Intuit stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the sale, the chief financial officer now directly owns 452 shares of the company's stock, valued at approximately $279,010.56. This trade represents a 89.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock worth $35,220,046 over the last 90 days. Corporate insiders own 2.90% of the company's stock.

Intuit Company 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.