Axxcess Wealth Management LLC Lowers Position in Intuit Inc. (NASDAQ:INTU)

Axxcess Wealth Management LLC trimmed its position in shares of Intuit Inc. (NASDAQ:INTU) by 43.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,508 shares of the software maker’s stock after selling 4,981 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Intuit were worth $4,230,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. EP Wealth Advisors LLC grew its stake in Intuit by 10.9% in the first quarter. EP Wealth Advisors LLC now owns 5,863 shares of the software maker’s stock worth $3,811,000 after purchasing an additional 576 shares during the period. Wellington Wealth Strategies LLC. bought a new stake in shares of Intuit during the 1st quarter valued at $1,951,000. Freestone Capital Holdings LLC grew its position in shares of Intuit by 220.5% in the 1st quarter. Freestone Capital Holdings LLC now owns 3,510 shares of the software maker’s stock worth $2,282,000 after buying an additional 2,415 shares during the period. CreativeOne Wealth LLC increased its stake in shares of Intuit by 35.6% in the 1st quarter. CreativeOne Wealth LLC now owns 7,475 shares of the software maker’s stock worth $4,859,000 after acquiring an additional 1,962 shares in the last quarter. Finally, Delap Wealth Advisory LLC purchased a new position in Intuit during the 1st quarter valued at about $252,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

Shares of Intuit stock traded up $7.04 during trading hours on Friday, hitting $633.36. The company’s stock had a trading volume of 918,595 shares, compared to its average volume of 1,330,799. The company has a market cap of $177.06 billion, a PE ratio of 58.43, a PEG ratio of 3.55 and a beta of 1.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The business has a 50 day moving average price of $624.51 and a two-hundred day moving average price of $632.46. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. During the same period in the previous year, the firm earned $7.80 EPS. The firm’s revenue was up 11.9% compared to the same quarter last year. Analysts expect that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th were issued a $0.90 dividend. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a yield of 0.57%. Intuit’s dividend payout ratio is currently 33.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on INTU. Erste Group Bank restated a “hold” rating on shares of Intuit in a report on Friday, June 14th. Bank of America lowered their price objective on Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research note on Friday, May 24th. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Jefferies Financial Group reiterated a “buy” rating and set a $770.00 target price on shares of Intuit in a research note on Thursday, June 13th. Finally, Morgan Stanley boosted their price target on Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $694.27.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 465 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the transaction, the executive vice president now owns 869 shares of the company’s stock, valued at approximately $525,380.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark P. Notarainni sold 465 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total transaction of $281,129.70. Following the transaction, the executive vice president now owns 869 shares of the company’s stock, valued at approximately $525,380.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 195,963 shares of company stock worth $114,442,445. 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.