Crossmark Global Holdings Inc. Reduces Stake in Intuit Inc. (NASDAQ:INTU)

During the third quarter, Crossmark Global Holdings Inc. reduced its position in Intuit Inc. (NASDAQ:INTU) by 6.0%, as disclosed in its latest filing with the SEC. Following this action, the institutional investor now holds 28,637 shares of the software company's stock, having sold 1,823 shares during the period. As of the most recent SEC filing, the value of Crossmark Global Holdings Inc.'s investment in Intuit is reported to be approximately $17,784,000.

Changes by Other Institutional Investors

In addition to Crossmark Global's actions, several other institutional investors and hedge funds have recently adjusted their stakes in Intuit. For instance, Fortitude Family Office LLC increased its holdings by 2.8% during the second quarter, owning 582 shares valued at $382,000 after adding 16 shares. Similarly, WASHINGTON TRUST Co raised its position by 10.5%, holding 168 shares worth $110,000 following an additional purchase of 16 shares. Another firm, Gemmer Asset Management LLC, boosted its stake by 3.7%, now owning 448 shares valued at $294,000 after acquiring an additional 16 shares during the same quarter. Stonebrook Private Inc. increased its holdings by 4.5% in the first quarter, owning 398 shares worth $259,000 after buying 17 more shares. Lastly, PFG Investments LLC raised its position by 1.1%, owning 1,558 shares valued at $1,024,000 after purchasing 17 additional shares.

Overall, hedge funds and institutional investors together hold about 83.66% of Intuit's stock.

Insider Trading Activities

In related developments, Intuit's Chief Financial Officer, Sandeep Aujla, sold 775 shares of the company's stock on October 3rd, at an average price of $601.31, totaling approximately $466,015.25. After this transaction, Aujla now owns 4,451 shares valued at around $2,676,430.81, which marks no change in his position percentage. This sale has been detailed in a SEC filing. Additionally, on September 19th, Director Eve B. Burton sold 2,988 shares at an average price of $649.87, amounting to a total transaction value of $1,941,811.56. In the last quarter, insiders collectively sold 55,297 shares worth $35,220,046, and company insiders own about 2.90% of the total company stock.

Analyst Ratings Updates

Numerous equity analysts have recently provided updates on Intuit shares. For example, JPMorgan Chase & Co. raised their price target for Intuit from $585.00 to $600.00, assigning a "neutral" rating in their report on August 23rd. Meanwhile, BMO Capital Markets also increased its price target from $700.00 to $760.00, rating the stock as "outperform" as of the same date. StockNews.com upgraded Intuit from a "hold" rating to a "buy" rating on September 30th. Susquehanna reaffirmed a "positive" rating and set a target price of $757.00 in their report on August 16th. Conversely, Morgan Stanley lowered its recommendation from "overweight" to "equal weight" and decreased its price target from $750.00 to $685.00 in a report issued on August 14th. Currently, four equity research analysts maintain a hold rating, while fifteen analysts rate the stock as a buy. The consensus rating stands at "Moderate Buy", with an average price target of $735.71 based on data from MarketBeat.

Intuit's Stock Performance Overview

On a recent trading day, shares of Intuit (NASDAQ:INTU) climbed $10.07, reaching $684.22 during midday trading. The trading volume for Intuit stood at 1,705,774 shares, surpassing the average volume of 1,273,781 shares. The company maintains a debt-to-equity ratio of 0.30, and both its current and quick ratios are 1.29. Intuit has a market capitalization of $191.78 billion, with a price-to-earnings ratio of 65.48 and a PEG ratio of 3.17. Over the past year, Intuit's stock has fluctuated between a low of $513.97 and a high of $688.88. The fifty-day moving average and the two-hundred-day moving average stand at $625.54 and $627.81, respectively.

Intuit recently released its quarterly earnings report on August 22nd, delivering an EPS of $1.99 for the quarter, which exceeded the consensus estimate of $1.85 by $0.14. The reported revenue was $3.18 billion, outpacing analyst expectations of $3.08 billion, and showcasing a year-over-year revenue growth of 17.4%. During the same quarter last year, the company had reported an EPS of $0.40. Analysts anticipate Intuit will achieve a $14.04 EPS for the ongoing fiscal year.

Intuit's Dividend Announcement

The company has also declared a quarterly dividend, paid out on October 18th. Shareholders on record as of October 10th received a dividend of $1.04, with the ex-dividend date being the same day. This marks a total annualized dividend of $4.16, resulting in a yield of 0.61%, an increase from Intuit's previous quarterly dividend of $0.90. Currently, the dividend payout ratio for Intuit is reported at 39.81%.

About Intuit

Intuit Inc. offers a variety of financial management and compliance products and services to consumers, small businesses, self-employed individuals, and accounting professionals in the U.S., Canada, and beyond. The company operates through four main segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.

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