Beacon Investment Advisory Services Inc. Sells 672 Shares of Intuit Inc. (NASDAQ:INTU)

Beacon Investment Advisory Services Inc. cut its holdings in Intuit Inc. (NASDAQ:INTU) by 1.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 41,130 shares of the software maker’s stock after selling 672 shares during the period. Intuit makes up approximately 1.2% of Beacon Investment Advisory Services Inc.’s investment portfolio, making the stock its 28th largest position. Beacon Investment Advisory Services Inc.’s holdings in Intuit were worth $26,735,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of INTU. D Orazio & Associates Inc. raised its holdings in Intuit by 9.6% in the 1st quarter. D Orazio & Associates Inc. now owns 536 shares of the software maker’s stock valued at $348,000 after acquiring an additional 47 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Intuit by 19.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 353,156 shares of the software maker’s stock valued at $229,551,000 after purchasing an additional 58,159 shares in the last quarter. Fortis Capital Advisors LLC bought a new stake in Intuit during the first quarter worth about $464,000. Angeles Wealth Management LLC bought a new stake in Intuit during the first quarter worth about $251,000. Finally, Interchange Capital Partners LLC grew its stake in Intuit by 27.1% during the first quarter. Interchange Capital Partners LLC now owns 957 shares of the software maker’s stock worth $647,000 after buying an additional 204 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Trading Down 3.3 %

NASDAQ:INTU traded down $21.44 on Thursday, reaching $637.47. 1,383,617 shares of the stock traded hands, compared to its average volume of 1,334,145. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The company’s 50 day moving average is $625.29 and its 200-day moving average is $631.29. The firm has a market capitalization of $178.20 billion, a price-to-earnings ratio of 58.81, a price-to-earnings-growth ratio of 3.81 and a beta of 1.23.

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

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s dividend payout ratio is 33.21%.

Insider Activity at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the sale, the executive vice president now directly owns 869 shares in the company, valued at $525,380.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, 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 directly owns 869 shares of the company’s stock, valued at $525,380.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 1,415 shares of Intuit stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total transaction of $855,480.70. Following the completion of the sale, the chief financial officer now directly owns 2,332 shares of the company’s stock, valued at $1,409,880.56. The disclosure for this sale can be found here. Insiders have sold a total of 195,963 shares of company stock worth $114,442,445 in the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on INTU shares. Susquehanna dropped their target price on shares of Intuit from $775.00 to $757.00 and set a “positive” rating for the company in a research report on Friday, May 24th. KeyCorp upped their target price on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Bank of America decreased their price target on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. BMO Capital Markets restated an “outperform” rating and set a $700.00 price objective on shares of Intuit in a research report on Tuesday, March 26th. Finally, StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Five investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and an average target price of $687.22.

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.