Federated Hermes Inc. Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Federated Hermes Inc. lessened its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 49.5% during the 4th quarter, HoldingsChannel reports. The firm owned 43,340 shares of the software maker’s stock after selling 42,516 shares during the period. Federated Hermes Inc.’s holdings in Intuit were worth $27,239,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. R Squared Ltd purchased a new position in shares of Intuit in the fourth quarter worth about $25,000. NewSquare Capital LLC raised its holdings in Intuit by 72.0% in 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 last quarter. Summit Securities Group LLC purchased a new position in Intuit in the 4th quarter worth approximately $28,000. Heck Capital Advisors LLC acquired a new position in shares of Intuit during the 4th quarter worth approximately $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Intuit during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Down 2.2 %

Shares of NASDAQ INTU opened at $544.07 on Wednesday. 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 market capitalization of $152.10 billion, a PE ratio of 52.82, a PEG ratio of 2.85 and a beta of 1.25. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $714.78. The stock has a fifty day simple moving average of $592.53 and a 200-day simple moving average of $618.78.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio is currently 38.81%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. BMO Capital Markets reduced 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. Citigroup reduced their price target on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $640.00 to $660.00 in a research note on Wednesday, March 5th. Finally, Redburn Atlantic began coverage on shares of Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $718.00.

Insiders Place Their Bets

In related news, Director Eve B. Burton sold 1,702 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the sale, the director now directly owns 8 shares of the company’s stock, valued at $4,800. This represents a 99.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 8,163 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were 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 directly owns 21,882 shares of the company’s stock, valued at $13,401,849.72. This represents a 27.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,774 shares of company stock worth $15,015,315 over the last three months. Company 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.