Covestor Ltd Decreases Stock Position in Intuit Inc. (NASDAQ:INTU)

Covestor Ltd cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 20.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 305 shares of the software maker’s stock after selling 80 shares during the quarter. Covestor Ltd’s holdings in Intuit were worth $192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Intuit in the fourth quarter worth approximately $2,290,419,000. Proficio Capital Partners LLC increased its position in shares of Intuit by 112,233.1% in the fourth quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock valued at $668,595,000 after acquiring an additional 1,062,847 shares during the period. Wellington Management Group LLP raised its stake in shares of Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after acquiring an additional 620,559 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Intuit during the fourth quarter worth about $300,854,000. Finally, Vanguard Group Inc. grew its stake 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 worth $16,991,696,000 after purchasing an additional 353,185 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $577.47 on Friday. The business has a 50-day simple moving average of $591.80 and a two-hundred day simple moving average of $617.88. 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 firm has a market cap of $161.44 billion, a price-to-earnings ratio of 56.07, a price-to-earnings-growth ratio of 2.85 and a beta of 1.25. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $714.78.

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 issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.72%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio is currently 38.81%.

Insiders Place Their Bets

In other Intuit news, insider Scott D. Cook sold 6,446 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 6,219,900 shares in the company, valued at $3,758,436,774. The trade was a 0.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction that occurred on 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 $13,401,849.72. This trade represents a 27.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,696 shares of company stock valued at $14,347,731. Company insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

INTU has been the subject of several research analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $785.00 price objective (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. BMO Capital Markets reduced their price objective on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Redburn Atlantic started coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $640.00 to $660.00 in a research note on Wednesday, March 5th. Finally, BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research report on Wednesday, January 15th. One 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $718.00.

About Intuit

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.