Summit Global Investments Sells 630 Shares of Intuit Inc. (NASDAQ:INTU)

Summit Global Investments cut its stake in Intuit Inc. (NASDAQ:INTU) by 10.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,562 shares of the software maker’s stock after selling 630 shares during the quarter. Summit Global Investments’ holdings in Intuit were worth $3,477,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of INTU. DiNuzzo Private Wealth Inc. bought a new stake in Intuit during the 4th quarter worth about $25,000. MCF Advisors LLC increased its position in shares of Intuit by 119.0% in the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after acquiring an additional 25 shares during the last quarter. NewSquare Capital LLC bought a new stake in Intuit during the third quarter worth about $25,000. Cape Investment Advisory Inc. bought a new stake in Intuit during the third quarter worth about $26,000. Finally, Wetzel Investment Advisors Inc. acquired a new position in Intuit during the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Down 0.2 %

Intuit stock traded down $1.25 during midday trading on Thursday, hitting $613.95. 694,311 shares of the stock were exchanged, compared to its average volume of 1,238,728. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $171.91 billion, a price-to-earnings ratio of 62.86, a price-to-earnings-growth ratio of 3.81 and a beta of 1.22. Intuit Inc. has a 52-week low of $400.22 and a 52-week high of $671.01. The business’s 50-day moving average price is $639.05 and its 200-day moving average price is $605.00.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the previous year, the business earned $1.05 EPS. The company’s revenue was up 11.3% compared to the same quarter last year. On average, research analysts expect that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 0.59%. The ex-dividend date of this dividend was Tuesday, April 9th. Intuit’s dividend payout ratio (DPR) is 36.73%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Intuit from $615.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 21st. KeyCorp raised their target price on shares of Intuit from $700.00 to $720.00 and gave the company an “overweight” rating in a research note on Wednesday, March 27th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $700.00 price objective on shares of Intuit in a research report on Tuesday, March 26th. Oppenheimer boosted their target price on Intuit from $678.00 to $712.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Finally, StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, Intuit has an average rating of “Moderate Buy” and a consensus target price of $650.23.

Insiders Place Their Bets

In other news, EVP Alex G. Balazs sold 280 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Kerry J. Mclean sold 3,692 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value of $2,450,897.28. Following the completion of the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at $15,233,800.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The disclosure for this sale can be found here. Insiders sold 4,717 shares of company stock valued at $3,117,156 over the last ninety days. 2.90% of the stock is currently 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.