Magnetar Financial LLC Sells 2,290 Shares of Intuit Inc. (NASDAQ:INTU)

Magnetar Financial LLC lowered its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 23.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 7,350 shares of the software maker’s stock after selling 2,290 shares during the period. Magnetar Financial LLC’s holdings in Intuit were worth $4,619,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Thrivent Financial for Lutherans increased its stake in shares of Intuit by 2.7% in the third quarter. Thrivent Financial for Lutherans now owns 14,733 shares of the software maker’s stock valued at $9,149,000 after buying an additional 388 shares during the period. Quest Partners LLC boosted its holdings in Intuit by 203.7% in the third quarter. Quest Partners LLC now owns 1,652 shares of the software maker’s stock valued at $1,026,000 after acquiring an additional 1,108 shares during the last quarter. Prospera Financial Services Inc increased its position in Intuit by 1.8% during the 3rd quarter. Prospera Financial Services Inc now owns 1,008 shares of the software maker’s stock valued at $626,000 after purchasing an additional 18 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in Intuit by 1.8% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 2,909 shares of the software maker’s stock worth $1,807,000 after purchasing an additional 51 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Intuit by 2.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 127,892 shares of the software maker’s stock worth $79,421,000 after purchasing an additional 2,498 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Trading Up 0.7 %

Shares of Intuit stock opened at $603.11 on Thursday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $596.98 and a 200 day simple moving average of $623.15. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78. The company has a market capitalization of $168.61 billion, a P/E ratio of 58.55, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on INTU shares. Oppenheimer lifted their target price on shares of Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 price objective on shares of Intuit in a research report on Friday, November 22nd. JPMorgan Chase & Co. upgraded Intuit from a “neutral” rating to an “overweight” rating and upped their target price for the company from $640.00 to $660.00 in a research report on Wednesday, March 5th. Scotiabank cut their price target on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Finally, BMO Capital Markets lowered their price objective on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. 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 company. Based on data from MarketBeat, Intuit presently has an average rating of “Moderate Buy” and an average price target of $721.61.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction on Friday, February 28th. The stock was sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the sale, the insider now directly owns 6,219,900 shares in the company, valued at approximately $3,758,436,774. This trade represents a 0.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sasan K. Goodarzi sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $630.10, for a total value of $47,257,500.00. Following the completion of the transaction, the chief executive officer now owns 35,776 shares of the company’s stock, valued at $22,542,457.60. This trade represents a 67.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,646 shares of company stock valued at $72,494,045 over the last ninety days. Corporate insiders own 2.68% of the company’s stock.

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.