Invesco Ltd. Sells 141,002 Shares of Intuit Inc. (NASDAQ:INTU)

Invesco Ltd. cut its stake in Intuit Inc. (NASDAQ:INTU) by 4.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,042,173 shares of the software maker’s stock after selling 141,002 shares during the quarter. Invesco Ltd. owned approximately 1.09% of Intuit worth $1,912,006,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Intuit during the 4th quarter worth $2,290,419,000. Proficio Capital Partners LLC boosted its holdings in Intuit by 112,233.1% in the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock valued at $668,595,000 after purchasing an additional 1,062,847 shares during the period. Wellington Management Group LLP boosted its holdings in Intuit by 13.3% in the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Intuit during the 4th quarter worth approximately $300,854,000. Finally, Vanguard Group Inc. raised its position in shares of Intuit by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock valued at $16,991,696,000 after buying an additional 353,185 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Trading Down 6.2 %

Shares of NASDAQ INTU opened at $561.53 on Monday. The firm has a 50 day moving average price of $595.64 and a two-hundred day moving average price of $620.70. The stock has a market cap of $156.98 billion, a P/E ratio of 54.52, a price-to-earnings-growth ratio of 2.85 and a beta of 1.25. Intuit Inc. has a 52-week low of $533.55 and a 52-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.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.74%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio is currently 38.81%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Jefferies Financial Group lowered their price objective on Intuit from $800.00 to $735.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target for the company. in a research note on Wednesday, January 15th. Piper Sandler reaffirmed an “overweight” rating and set a $785.00 price objective (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Scotiabank decreased their target price on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $640.00 to $660.00 in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $718.00.

Insider Buying and Selling

In other news, Director Eve B. Burton sold 1,702 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the transaction, the director now directly owns 8 shares in the company, valued at $4,800. This trade represents a 99.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Laura A. Fennell sold 4,788 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the sale, the executive vice president now directly owns 30,010 shares of the company’s stock, valued at $18,414,736.20. This represents a 13.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,862 shares of company stock valued at $18,767,673 in the last three months. 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.