Hartford Investment Management Co. Sells 354 Shares of Intuit Inc. (NASDAQ:INTU)

Hartford Investment Management Co. reduced its stake in shares of Intuit Inc. (NASDAQ:INTU) by 2.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 17,594 shares of the software maker’s stock after selling 354 shares during the period. Hartford Investment Management Co.’s holdings in Intuit were worth $10,926,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. LGT Financial Advisors LLC bought a new position in Intuit during the second quarter valued at $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit during the 2nd quarter worth $26,000. Fairway Wealth LLC bought a new stake in Intuit in the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC purchased a new stake in Intuit during the third quarter valued at about $27,000. Finally, Hobbs Group Advisors LLC bought a new position in Intuit during the second quarter worth about $35,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on INTU. JPMorgan Chase & Co. boosted their price target on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. BMO Capital Markets upped their price target on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Finally, Jefferies Financial Group raised their price objective on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $735.71.

Insider Buying and Selling

In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at approximately $12,575.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 over the last quarter. 2.90% of the stock is owned by company insiders.

Intuit Price Performance

INTU traded down $1.68 during midday trading on Wednesday, hitting $607.91. The stock had a trading volume of 36,138 shares, compared to its average volume of 1,316,399. The company has a market cap of $169.94 billion, a P/E ratio of 55.99, a price-to-earnings-growth ratio of 3.04 and a beta of 1.24. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62. The business has a fifty day moving average of $629.40 and a 200 day moving average of $627.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the company earned $0.40 EPS. The firm’s revenue was up 17.4% compared to the same quarter last year. As a group, equities analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is currently 38.38%.

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.