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

Crossmark Global Holdings Inc. has reduced its stake in Intuit Inc. (NASDAQ:INTU) by 6.0% in the third quarter, as stated in its latest disclosure to the SEC. After selling 1,823 shares, Crossmark now holds 28,637 shares of the software company, worth approximately $17,784,000 based on the most recent SEC filing.

In addition to Crossmark, other institutional investors and hedge funds have modified their positions in Intuit as well. For instance, Fortitude Family Office LLC increased its stake in Intuit shares by 2.8% during the second quarter, owning 582 shares valued at $382,000 after buying 16 additional shares. Similarly, WASHINGTON TRUST Co raised its position by 10.5% in the second quarter, bringing its total to 168 shares worth $110,000, also after acquiring 16 shares in the last quarter. Gemmer Asset Management LLC saw a 3.7% increase, owning 448 shares valued at $294,000 with an additional 16 shares purchased in the same quarter. Stonebrook Private Inc. and PFG Investments LLC also increased their holdings, indicating a general positive interest in Intuit among institutional investors.

Insider Transactions

In related news, Intuit's CFO, Sandeep Aujla, sold 775 shares on October 3rd, valued at $466,015.25, with shares sold averaging $601.31. Post-sale, the CFO retains ownership of 4,451 shares worth around $2,676,430.81. Furthermore, on September 19th, Director Eve B. Burton sold 2,988 shares for $1,941,811.56 at an average price of $649.87. In total, insiders sold 55,297 shares valued at $35,220,046 last quarter, and insiders currently hold 2.90% of the company's stock.

Analyst Ratings and Stock Performance

Recent analyses from various equity firms have adjusted ratings for Intuit. JPMorgan Chase raised its price target for Intuit from $585.00 to $600.00, maintaining a 'neutral' rating. BMO Capital Markets increased their target from $700.00 to $760.00 while rating the stock as 'outperform'. Meanwhile, StockNews.com upgraded Intuit from 'hold' to 'buy'. Susquehanna has reaffirmed its 'positive' rating with a price target of $757.00, while Morgan Stanley shifted its recommendation from 'overweight' to 'equal weight', setting a new target of $685.00. Currently, four analysts have assigned a 'hold' rating while fifteen advocate for a 'buy', giving Intuit a consensus rating of 'Moderate Buy' with a price target averaging $735.71.

On recent trading sessions, Intuit's stocks showed significant movement. As of the latest reports, the stock price rose by $10.07, reaching $684.22 with a volume of 1,705,774 shares traded, surpassing its average trading volume of 1,273,781. The company boasts a market capitalization of $191.78 billion and maintains a price-to-earnings ratio of 65.48, with a 12-month low of $513.97 and a high of $688.88. Analysts project Intuit Inc. will deliver an earnings per share (EPS) of 14.04 for the current fiscal year, following a strong previous quarter where it reported $1.99 EPS, exceeding expectations.

Dividends and Company Overview

Recently, Intuit declared a quarterly dividend of $1.04, payable on October 18th. This new amount represents a substantial increase from the prior quarterly dividend of $0.90, totaling an annualized dividend of $4.16 and yielding 0.61%. The payout ratio stands at about 39.81%.

Intuit Inc. specializes in offering financial management and compliance solutions to a diverse clientele including consumers, small businesses, and accounting professionals in various regions, including the U.S. and Canada. The company operates across several segments, such as Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.

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