Crossmark Global Holdings Inc. Reduces Stake in Intuit Inc.

Crossmark Global Holdings Inc. has reduced its investment in Intuit Inc. (NASDAQ:INTU) by 6.0% during the third quarter, based on its latest filing with the SEC. After the reduction of 1,823 shares, the institutional investor now holds 28,637 shares of the software giant's stock. As per the disclosure, Crossmark's holdings in Intuit have an estimated value of $17,784,000.

Recent Changes by Other Investors

Other institutional investors and hedge funds have also adjusted their positions with Intuit. For instance, Fortitude Family Office LLC raised its stake by 2.8% in the second quarter, now owning 582 shares worth approximately $382,000 after buying 16 additional shares. Similarly, WASHINGTON TRUST Co increased its position by 10.5%, bringing its total ownership to 168 shares valued at $110,000 after acquiring 16 more shares during the same quarter. Gemmer Asset Management LLC also saw a 3.7% rise, owning 448 shares worth around $294,000. Stonebrook Private Inc. expanded its holdings by 4.5%, now at 398 shares valued at $259,000. Lastly, PFG Investments LLC increased its stake by 1.1%, holding 1,558 shares valued at $1,024,000.

Overall, hedge funds and institutional investors collectively own about 83.66% of Intuit's stock.

Insider Transactions

Regarding insider activities, CFO Sandeep Aujla sold 775 shares on October 3rd at an average price of $601.31, totaling $466,015.25 from the transaction. Post-sale, Aujla holds 4,451 shares valued at approximately $2,676,430.81. Additionally, Director Eve B. Burton sold 2,988 shares on September 19th for $1,941,811.56 with an average price of $649.87. In total, insiders sold 55,297 shares worth around $35,220,046 during the last quarter, and they now own 2.90% of the company’s stock.

Investment Outlook

Analysts have voiced various opinions regarding Intuit's stock. For instance, JPMorgan Chase & Co. has elevated their target price for Intuit from $585.00 to $600.00, maintaining a "neutral" rating. BMO Capital Markets has increased its target from $700.00 to $760.00, issuing an "outperform" rating. Meanwhile, StockNews.com changed their rating from "hold" to "buy," and Susquehanna reaffirmed a "positive" rating at a target price of $757.00. Morgan Stanley, however, adjusted their rating from "overweight" to "equal weight," reducing its target price to $685.00. Overall, four analysts recommend a hold and fifteen recommend buying the stock, leading to a consensus rating of "Moderate Buy" with a price target of $735.71.

Recent Stock Performance

As of Friday, shares of Intuit traded up by $10.07, reaching $684.22 with a trading volume of 1,705,774 shares. The company's market capitalization is approximately $191.78 billion, with a price-to-earnings ratio of 65.48. Intuit also reported a fifty-day moving average of $625.54 and a two hundred-day moving average of $627.81. Their earnings report from August 22nd revealed a quarterly EPS of $1.99, exceeding expectations and demonstrating a year-over-year revenue increase of 17.4%.

Dividend Update

Intuit recently declared a quarterly dividend of $1.04, paid on October 18th to investors on record by October 10th. This represents an increase from their prior dividend of $0.90, equating to an annualized dividend of $4.16 and a yield of 0.61%. The company has a dividend payout ratio of 39.81%.

About Intuit

Intuit Inc. is involved in providing financial management and compliance software and services targeting consumers, small businesses, self-employed individuals, and accounting professionals. The company operates through four primary segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.

Crossmark, Intuit, Investing