EFG Asset Management North America Corp. Cuts Stake in Intuit Inc. (NASDAQ:INTU)

EFG Asset Management North America Corp. cut its holdings in Intuit Inc. (NASDAQ:INTU) by 29.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,413 shares of the software maker’s stock after selling 1,839 shares during the period. EFG Asset Management North America Corp.’s holdings in Intuit were worth $2,774,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. R Squared Ltd purchased a new position in shares of Intuit during the fourth quarter valued at about $25,000. NewSquare Capital LLC grew its holdings in 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 buying an additional 18 shares in the last quarter. Heck Capital Advisors LLC bought a new stake in Intuit in the 4th quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Intuit during the 4th quarter valued at approximately $28,000. Finally, Sugar Maple Asset Management LLC purchased a new position in shares of Intuit in the fourth quarter valued at $29,000. 83.66% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Intuit news, CEO Sasan K. Goodarzi sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the completion of the sale, the chief executive officer now owns 35,776 shares in the company, valued at $22,542,457.60. This represents a 67.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total value of $1,021,200.00. Following the sale, the director now directly owns 8 shares in the company, valued at $4,800. This trade represents a 99.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 132,896 shares of company stock worth $82,946,716 in the last three months. Corporate insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a research note on Monday, March 3rd. Morgan Stanley upgraded Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price target for the company in a research report on Wednesday, February 26th. BMO Capital Markets decreased their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price for the company. in a report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. upgraded Intuit from a “neutral” rating to an “overweight” rating and increased their price target for the company from $640.00 to $660.00 in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Intuit presently has an average rating of “Moderate Buy” and an average target price of $721.61.

Intuit Trading Up 0.9 %

Shares of NASDAQ INTU opened at $618.72 on Wednesday. Intuit Inc. has a twelve month low of $553.24 and a twelve month high of $714.78. The firm has a market cap of $172.97 billion, a PE ratio of 60.07, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The business has a fifty day simple moving average of $595.97 and a two-hundred day simple moving average of $622.76. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Intuit 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.