1ST Source Bank Decreases Holdings in Intuit Inc. (NASDAQ:INTU)

1ST Source Bank cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 4.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,083 shares of the software maker’s stock after selling 54 shares during the period. 1ST Source Bank’s holdings in Intuit were worth $681,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in Intuit during the 4th quarter valued at $25,000. NewSquare Capital LLC grew its position in shares of Intuit by 72.0% during the 4th 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 period. Heck Capital Advisors LLC purchased a new stake in shares of Intuit in the 4th quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Intuit in the 4th quarter worth $28,000. Finally, Sugar Maple Asset Management LLC purchased a new position in Intuit during the fourth quarter valued at $29,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research note on Wednesday, January 15th. Piper Sandler reaffirmed an “overweight” rating and set a $785.00 price objective (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Stifel Nicolaus lowered their price objective on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Barclays lowered their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Finally, Redburn Atlantic initiated coverage on Intuit in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $721.61.

Intuit Stock Up 0.6 %

Shares of INTU opened at $602.11 on Tuesday. The stock has a market capitalization of $168.33 billion, a price-to-earnings ratio of 58.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. Intuit Inc. has a 1 year low of $553.24 and a 1 year high of $714.78. The business’s 50 day simple moving average is $597.76 and its 200-day simple moving average is $623.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, April 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.69%. Intuit’s dividend payout ratio (DPR) is 38.81%.

Insider Transactions at Intuit

In other news, EVP Laura A. Fennell sold 4,788 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the transaction, the executive vice president now owns 30,010 shares of the company’s stock, valued at approximately $18,414,736.20. The trade was a 13.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 109 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total value of $68,506.50. Following the transaction, the chief financial officer now directly owns 1,944 shares in the company, valued at approximately $1,221,804. This represents a 5.31 % 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 in the last ninety days. Corporate insiders own 2.68% of the company’s stock.

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.