UMB Bank n.a. Cuts Position in Intuit Inc. (NASDAQ:INTU)

UMB Bank n.a. lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 29.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,523 shares of the software maker’s stock after selling 26,993 shares during the period. UMB Bank n.a.’s holdings in Intuit were worth $40,069,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. Wedmont Private Capital boosted its stake in shares of Intuit by 1.4% during the 3rd quarter. Wedmont Private Capital now owns 3,729 shares of the software maker’s stock worth $2,246,000 after acquiring an additional 51 shares in the last quarter. Abner Herrman & Brock LLC boosted its position in Intuit by 0.4% during the third quarter. Abner Herrman & Brock LLC now owns 29,242 shares of the software maker’s stock worth $18,159,000 after purchasing an additional 112 shares in the last quarter. CWM LLC grew its holdings in Intuit by 1.4% in the third quarter. CWM LLC now owns 16,910 shares of the software maker’s stock valued at $10,501,000 after purchasing an additional 227 shares during the last quarter. Tilia Fiduciary Partners Inc. grew its holdings in Intuit by 3.3% in the third quarter. Tilia Fiduciary Partners Inc. now owns 3,016 shares of the software maker’s stock valued at $1,873,000 after purchasing an additional 96 shares during the last quarter. Finally, Eagle Wealth Strategies LLC acquired a new position in shares of Intuit during the 3rd quarter worth $278,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Trading Down 0.4 %

NASDAQ:INTU traded down $2.67 on Thursday, hitting $618.94. 162,574 shares of the stock were exchanged, compared to its average volume of 1,324,601. The stock has a fifty day moving average of $631.19 and a 200-day moving average of $628.88. The stock has a market cap of $173.02 billion, a PE ratio of 57.34, a PEG ratio of 3.13 and a beta of 1.24. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company’s revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. As a group, equities analysts expect that Intuit Inc. will post 14.07 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 0.67%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio is 38.38%.

Insider Activity at Intuit

In related news, EVP Alex G. Balazs sold 2,941 shares of the business’s 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 transaction, 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 is accessible through the SEC website. In other 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 completion of the sale, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the transaction, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 51,297 shares of company stock worth $32,750,926. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Barclays lowered their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Bank of America raised their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Jefferies Financial Group raised their price target on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $768.00 price objective on shares of Intuit in a research report on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $735.71.

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.