Franklin Resources Inc. Has $1.19 Billion Holdings in Intuit Inc. (NASDAQ:INTU)

Franklin Resources Inc. decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 23.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,900,879 shares of the software maker’s stock after selling 578,838 shares during the period. Franklin Resources Inc. owned 0.68% of Intuit worth $1,194,702,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of INTU. R Squared Ltd bought a new position in shares of Intuit in the fourth quarter valued at $25,000. NewSquare Capital LLC boosted its stake 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. Summit Securities Group LLC bought a new stake in shares of Intuit in the fourth quarter valued at $28,000. Heck Capital Advisors LLC purchased a new stake in Intuit during the fourth quarter valued at about $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in Intuit in the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Trading Down 2.7 %

Shares of INTU opened at $598.92 on Monday. Intuit Inc. has a fifty-two week low of $553.24 and a fifty-two week high of $714.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The company’s fifty day moving average is $595.90 and its 200 day moving average is $622.23. The stock has a market capitalization of $167.44 billion, a PE ratio of 58.15, a P/E/G ratio of 2.85 and a beta of 1.27.

Intuit Announces Dividend

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 paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.69%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio is currently 38.81%.

Analyst Ratings Changes

A number of brokerages recently issued reports on INTU. BMO Capital Markets lowered 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. Piper Sandler restated an “overweight” rating and set a $785.00 price target (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Mizuho raised their price target on shares of Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Redburn Atlantic assumed coverage on Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Scotiabank decreased their price objective on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $721.61.

Insider Buying and Selling

In other Intuit news, EVP Marianna Tessel sold 7,385 shares of the company’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $600.13, for a total value of $4,431,960.05. Following the transaction, the executive vice president now owns 40,190 shares of the company’s stock, valued at $24,119,224.70. This represents a 15.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Laura A. Fennell sold 8,163 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the transaction, the executive vice president now owns 21,882 shares in the company, valued at approximately $13,401,849.72. The trade was a 27.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,896 shares of company stock valued at $82,946,716. Company insiders own 2.68% of the company’s stock.

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.