Simplicity Wealth LLC Sells 44 Shares of Intuit Inc. (NASDAQ:INTU)

Simplicity Wealth LLC lessened its holdings in Intuit Inc. (NASDAQ:INTU) by 7.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 524 shares of the software maker’s stock after selling 44 shares during the period. Simplicity Wealth LLC’s holdings in Intuit were worth $322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Copia Wealth Management acquired a new stake in shares of Intuit during the 4th quarter valued at about $25,000. NewSquare Capital LLC raised its position in Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares in the last quarter. Summit Securities Group LLC bought a new position in Intuit during the fourth quarter worth about $28,000. Heck Capital Advisors LLC acquired a new stake in Intuit during the fourth quarter valued at approximately $28,000. Finally, VSM Wealth Advisory LLC bought a new stake in shares of Intuit in the 4th quarter valued at approximately $35,000. Institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 16,061 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total value of $11,662,373.93. Following the completion of the sale, the chief financial officer now directly owns 197 shares of the company’s stock, valued at $143,047.61. This represents a 98.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Scott D. Cook sold 62,816 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $765.99, for a total transaction of $48,116,427.84. Following the completion of the sale, the insider now owns 6,000,679 shares in the company, valued at $4,596,460,107.21. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 288,408 shares of company stock valued at $213,441,865. 2.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

INTU has been the subject of several analyst reports. Oppenheimer restated an “outperform” rating and set a $742.00 target price (up previously from $642.00) on shares of Intuit in a research report on Friday, May 23rd. Mizuho increased their price objective on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Scotiabank upgraded shares of Intuit from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $600.00 to $700.00 in a research report on Thursday, April 17th. Piper Sandler reaffirmed an “overweight” rating and set a $825.00 price objective (up from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Bank of America raised their price objective on shares of Intuit from $730.00 to $875.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $785.33.

Intuit Trading Up 0.2%

INTU stock opened at $766.21 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $773.45. The company has a market cap of $213.73 billion, a P/E ratio of 74.39, a PEG ratio of 2.85 and a beta of 1.28. The business has a fifty day moving average of $660.65 and a 200-day moving average of $629.50.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same period in the previous year, the business posted $9.88 EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, equities research analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.54%. Intuit’s dividend payout ratio is currently 33.77%.

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.