Chevy Chase Trust Holdings LLC Decreases Holdings in Intuit Inc. (NASDAQ:INTU)

Chevy Chase Trust Holdings LLC reduced its position in Intuit Inc. (NASDAQ:INTU) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,247 shares of the software maker’s stock after selling 2,967 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Intuit were worth $93,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. LGT Financial Advisors LLC purchased a new position in Intuit in the second quarter worth about $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit in the 2nd quarter worth approximately $26,000. Fairway Wealth LLC purchased a new position in shares of Intuit in the second quarter worth approximately $26,000. Northwest Investment Counselors LLC bought a new stake in Intuit during the third quarter valued at approximately $27,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Intuit during the second quarter valued at approximately $35,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Performance

INTU opened at $641.73 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a market capitalization of $179.71 billion, a price-to-earnings ratio of 62.30, a PEG ratio of 3.17 and a beta of 1.25. The company has a fifty day moving average of $634.10 and a 200 day moving average of $631.26. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.14 earnings per share. As a group, sell-side analysts forecast that Intuit Inc. will post 14.07 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Thursday, January 9th. Intuit’s payout ratio is 40.39%.

Insider Activity

In related news, Director Eve B. Burton sold 2,988 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the sale, the insider now directly owns 6,378,105 shares in the company, valued at approximately $4,093,595,351.10. The trade was a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,265 shares of company stock worth $83,336,625. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

INTU has been the topic of several analyst reports. Stifel Nicolaus dropped their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Scotiabank started coverage on Intuit in a research report on Monday, November 18th. They set a “sector perform” rating and a $700.00 target price on the stock. Barclays reduced their price target on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. BMO Capital Markets raised their price objective on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 target price on shares of Intuit in a report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Intuit presently has an average rating of “Moderate Buy” and an average price target of $737.44.

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.