Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

Connor Clark & Lunn Investment Management Ltd. cut its stake in Intuit Inc. (NASDAQ:INTU) by 7.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 95,003 shares of the software maker’s stock after selling 7,937 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Intuit were worth $59,709,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. R Squared Ltd purchased a new stake in shares of Intuit in the fourth quarter valued at approximately $25,000. NewSquare Capital LLC lifted its holdings in Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after acquiring an additional 18 shares during the last quarter. Heck Capital Advisors LLC acquired a new position in Intuit in the fourth quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Intuit in the fourth quarter valued at approximately $28,000. Finally, Sugar Maple Asset Management LLC acquired a new position in Intuit in the fourth quarter valued at approximately $29,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Morgan Stanley upgraded Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective on the stock in a report on Wednesday, February 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 price objective on shares of Intuit in a report on Friday, November 22nd. BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a report on Wednesday, January 15th. Redburn Atlantic assumed coverage on Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, StockNews.com cut Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $721.61.

Intuit Stock Up 0.8 %

Shares of NASDAQ INTU opened at $591.14 on Thursday. The stock has a market cap of $165.26 billion, a P/E ratio of 57.39, a PEG ratio of 2.85 and a beta of 1.27. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78. The business’s fifty day simple moving average is $599.68 and its 200-day simple moving average is $624.06.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.70%. The ex-dividend date is Thursday, April 10th. Intuit’s payout ratio is currently 38.81%.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 73,655 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total value of $48,976,155.70. Following the transaction, the insider now owns 6,301,286 shares of the company’s stock, valued at $4,189,977,112.84. This represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Laura A. Fennell sold 4,788 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total value of $2,938,012.56. Following the completion of the transaction, the executive vice president now directly owns 30,010 shares in the company, valued at $18,414,736.20. This trade represents a 13.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 189,301 shares of company stock valued at $121,470,200 over the last quarter. 2.68% of the stock is owned by insiders.

Intuit Company 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.