Stonebridge Capital Management Inc. Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

Stonebridge Capital Management Inc. trimmed its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,385 shares of the software maker’s stock after selling 25 shares during the quarter. Intuit comprises 2.9% of Stonebridge Capital Management Inc.’s holdings, making the stock its 7th biggest position. Stonebridge Capital Management Inc.’s holdings in Intuit were worth $7,155,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in shares of Intuit during the 3rd quarter worth about $27,000. Denver PWM LLC acquired a new position in shares of Intuit in the 3rd quarter worth approximately $32,000. Dunhill Financial LLC grew its stake in shares of Intuit by 110.3% in the 3rd quarter. Dunhill Financial LLC now owns 61 shares of the software maker’s stock worth $38,000 after purchasing an additional 32 shares during the last quarter. Kimelman & Baird LLC acquired a new position in shares of Intuit in the 2nd quarter worth approximately $49,000. Finally, Pacifica Partners Inc. grew its stake in shares of Intuit by 27.7% in the 4th quarter. Pacifica Partners Inc. now owns 83 shares of the software maker’s stock worth $52,000 after purchasing an additional 18 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Laura A. Fennell sold 4,788 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total value of $2,938,012.56. Following the sale, the executive vice president now directly owns 30,010 shares of the company’s stock, valued at approximately $18,414,736.20. This trade represents a 13.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $619.28, for a total value of $667,583.84. Following the transaction, the chief accounting officer now directly owns 1,864 shares of the company’s stock, valued at $1,154,337.92. This represents a 36.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 293,014 shares of company stock worth $188,992,187 in the last quarter. 2.68% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on INTU shares. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research note on Wednesday. Barclays reduced their price target on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Jefferies Financial Group lifted their price objective on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Morgan Stanley increased their target price on Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a report on Friday, November 22nd. Finally, Piper Sandler reiterated an “overweight” rating and set a $765.00 price target on shares of Intuit in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and an average price target of $726.53.

Intuit Price Performance

NASDAQ INTU opened at $621.45 on Thursday. The firm has a market cap of $173.96 billion, a P/E ratio of 60.33, a price-to-earnings-growth ratio of 3.07 and a beta of 1.25. The stock’s 50-day moving average is $649.57 and its two-hundred day moving average is $637.71. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $1.14 EPS. On average, analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be paid a $1.04 dividend. The ex-dividend date is Friday, January 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. Intuit’s payout ratio is presently 40.39%.

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.