Zurcher Kantonalbank Zurich Cantonalbank Sells 3,036 Shares of Intuit Inc. (NASDAQ:INTU)

Zurcher Kantonalbank Zurich Cantonalbank cut its position in Intuit Inc. (NASDAQ:INTU) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,957 shares of the software maker’s stock after selling 3,036 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.06% of Intuit worth $104,301,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC lifted its stake in Intuit by 68,404.7% in the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after purchasing an additional 483,621 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of Intuit during the 2nd quarter worth approximately $184,982,000. Ameriprise Financial Inc. boosted its stake in shares of Intuit by 17.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after acquiring an additional 238,486 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Intuit by 21.3% during the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after acquiring an additional 169,190 shares during the last quarter. Finally, Seven Post Investment Office LP bought a new stake in Intuit in the 2nd quarter valued at $107,513,000. 83.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on INTU. Royal Bank of Canada reaffirmed an “outperform” rating and set a $760.00 target price on shares of Intuit in a report on Friday, November 22nd. JPMorgan Chase & Co. boosted their price objective on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Piper Sandler lowered their target price on Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Oppenheimer lifted their price target on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Finally, StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a report on Friday, November 22nd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $737.44.

Intuit Stock Down 0.4 %

Shares of INTU opened at $636.17 on Thursday. 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 Inc. has a one year low of $557.29 and a one year high of $714.78. The company has a market cap of $178.15 billion, a P/E ratio of 61.76, a P/E/G ratio of 3.14 and a beta of 1.25. The firm has a 50 day simple moving average of $634.52 and a two-hundred day simple moving average of $631.32.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating the consensus estimate of $2.36 by $0.14. The firm had revenue of $3.28 billion during 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 business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company earned $1.14 earnings per share. Research analysts forecast that Intuit Inc. will post 14.05 EPS for the current fiscal year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Thursday, January 9th. Intuit’s dividend payout ratio (DPR) is currently 40.39%.

Insider Activity

In other news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the completion of the transaction, the insider now directly owns 6,378,105 shares in the company, valued at $4,093,595,351.10. This trade represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 20 shares in the company, valued at $12,575.20. The trade was a 99.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,265 shares of company stock valued at $83,336,625. Insiders own 2.90% of the company’s stock.

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.