Argent Trust Co Buys 290 Shares of Intuit Inc. (NASDAQ:INTU)

Argent Trust Co lifted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 10.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,059 shares of the software maker’s stock after buying an additional 290 shares during the period. Argent Trust Co’s holdings in Intuit were worth $2,010,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. LGT Financial Advisors LLC purchased a new position in Intuit during the 2nd quarter worth $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit during the second quarter valued at about $26,000. Fairway Wealth LLC purchased a new position in Intuit during the second quarter worth about $26,000. Hobbs Group Advisors LLC bought a new stake in Intuit in the 2nd quarter worth about $35,000. Finally, Sachetta LLC purchased a new stake in Intuit in the 4th quarter valued at about $39,000. Institutional investors own 83.66% of the company’s stock.

Intuit Trading Down 1.8 %

Shares of INTU opened at $633.07 on Thursday. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The stock has a market cap of $176.97 billion, a PE ratio of 58.40, a P/E/G ratio of 3.14 and a beta of 1.24. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $636.26 and its 200-day moving average price is $631.30.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share 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 business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the firm posted $0.40 EPS. Intuit’s revenue was up 17.4% on a year-over-year basis. On average, equities analysts forecast that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.66%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is presently 38.38%.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Intuit news, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the sale, the executive vice president now owns 24,941 shares in the company, valued at $15,752,985.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now owns 3,840 shares in the company, valued at $2,384,755.20. The disclosure for this sale can be found here. Insiders have sold 16,940 shares of company stock worth $10,721,252 in the last ninety days. 2.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. JPMorgan Chase & Co. raised their target price on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Jefferies Financial Group boosted their price target on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Royal Bank of Canada started coverage on shares of Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target for the company. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Intuit 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.