Crossmark Global Holdings Inc. Reduces Its Stake in Intuit Inc.

Crossmark Global Holdings Inc. has reduced its stake in Intuit Inc. (NASDAQ:INTU) by 6.0% in the third quarter, as per their latest filing with the SEC. After selling 1,823 shares during this period, the institutional investor now owns 28,637 shares of Intuit's stock, which are valued at approximately $17,784,000.

Other Institutional Changes

In addition to Crossmark, several other institutional investors have also adjusted their holdings in Intuit. For instance, Fortitude Family Office LLC has increased its position by 2.8% in the second quarter, acquiring an additional 16 shares to reach a total of 582 shares worth $382,000. WASHINGTON TRUST Co boosted its stake by 10.5%, ending up with 168 shares valued at $110,000 after purchasing 16 shares in the same quarter. Similarly, Gemmer Asset Management LLC raised its position by 3.7%, now holding 448 shares worth $294,000 after acquiring more shares during the last quarter. Stonebrook Private Inc. expanded its holdings by 4.5% in the first quarter, and now owns 398 shares valued at $259,000. Lastly, PFG Investments LLC increased its position by 1.1%, holding 1,558 shares valued at $1,024,000 after acquiring additional shares. Overall, institutional investors and hedge funds collectively own 83.66% of Intuit's stock.

Insider Transactions

In a related update, Intuit's Chief Financial Officer, Sandeep Aujla, sold 775 shares on October 3rd for an average price of $601.31, totaling $466,015.25. Following this transaction, Aujla holds 4,451 shares valued at approximately $2,676,430.81. The sale was reported to the SEC. Additionally, Director Eve B. Burton sold 2,988 shares at an average price of $649.87 on September 19th, resulting in a total transaction of $1,941,811.56. In the previous quarter, insiders sold 55,297 shares with a combined value of $35,220,046. Company insiders have a 2.90% ownership in Intuit.

Analyst Ratings

Recent evaluations from several equities analysts on Intuit shares have been mixed. For example, JPMorgan Chase & Co. raised their price target on Intuit from $585.00 to $600.00, assigning a "neutral" rating. BMO Capital Markets increased its target from $700.00 to $760.00 while giving the company an "outperform" rating. On September 30th, StockNews.com upgraded Intuit from a "hold" to a "buy" rating. Conversely, Morgan Stanley downgraded Intuit from "overweight" to "equal weight" and reduced their price target from $750.00 to $685.00. In total, four analysts have issued a "hold" rating for the stock while fifteen have assigned a "buy" rating. MarketBeat data indicates a consensus rating of "Moderate Buy" and a target price of $735.71.

Intuit's Stock Performance

On a recent trading day, shares of NASDAQ:INTU rose by $10.07, reaching $684.22, with a total trading volume of 1,705,774 shares, surpassing its average volume of 1,273,781. Intuit holds a market capitalization of $191.78 billion, a price-to-earnings ratio of 65.48, and a beta of 1.25. Over the past year, the stock has fluctuated between a low of $513.97 and a high of $688.88, with 50-day and 200-day moving averages of $625.54 and $627.81, respectively.

Earnings and Dividends

Intuit released its quarterly earnings on August 22nd, reporting earnings per share (EPS) of $1.99, which exceeded analysts' expectations of $1.85. The company's revenue reached $3.18 billion, surpassing the anticipated $3.08 billion. On a year-over-year basis, Intuit saw revenue growth of 17.4%. Additionally, the company declared a quarterly dividend of $1.04, paid on October 18th to shareholders of record on October 10th, marking an increase from the previous dividend of $0.90. With a dividend payout ratio of 39.81%, this represents a yield of 0.61%.

About Intuit

Intuit Inc. offers financial management and compliance products and services for individuals, small businesses, accounting professionals, and self-employed individuals across the United States and internationally. The company operates through four key segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.

Intuit, Stocks, Investment