KLP Kapitalforvaltning AS Invests $69.36 Million in Intuit Inc. (NASDAQ:INTU)

KLP Kapitalforvaltning AS purchased a new position in Intuit Inc. (NASDAQ:INTU - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 110,365 shares of the software maker's stock, valued at approximately $69,364,000.

Several other institutional investors have also bought and sold shares of the company. Nordea Investment Management AB lifted its holdings in Intuit by 83.2% during the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker's stock valued at $371,984,000 after purchasing an additional 268,060 shares during the last quarter. Whalen Wealth Management Inc. bought a new position in Intuit in the 4th quarter worth approximately $621,000. Beacon Investment Advisory Services Inc. grew its stake in Intuit by 3.8% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker's stock valued at $27,223,000 after buying an additional 1,602 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Intuit by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker's stock valued at $107,854,000 after acquiring an additional 3,648 shares during the period. Finally, Douglas Lane & Associates LLC lifted its position in shares of Intuit by 109.9% during the fourth quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker's stock worth $15,502,000 after acquiring an additional 12,916 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Transactions at Intuit

In other Intuit news, EVP Laura A. Fennell sold 4,788 shares of the company's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total value of $2,938,012.56. Following the sale, the executive vice president now owns 30,010 shares in the company, valued at approximately $18,414,736.20. This represents a 13.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eve B. Burton sold 1,702 shares of Intuit 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 transaction, the director now owns 8 shares of the company's stock, valued at $4,800. The trade was a 99.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 132,896 shares of company stock valued at $82,946,716. Corporate insiders own 2.68% of the company's stock.

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Intuit Trading Down 0.6 %

NASDAQ INTU traded down $3.86 during trading on Wednesday, hitting $614.86. The company had a trading volume of 1,714,754 shares, compared to its average volume of 1,442,353. The company's fifty day moving average is $595.97 and its 200-day moving average is $622.76. Intuit Inc. has a one year low of $553.24 and a one year high of $714.78. 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 company has a market cap of $171.89 billion, a price-to-earnings ratio of 59.70, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.68%. Intuit's dividend payout ratio (DPR) is presently 38.81%.

Analyst Ratings Changes

A number of analysts recently issued reports on INTU shares. Morgan Stanley upgraded Intuit from an "equal weight" rating to an "overweight" rating and set a $730.00 price objective on the stock in a research note on Wednesday, February 26th. JPMorgan Chase & Co. upgraded shares of Intuit from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $640.00 to $660.00 in a research report on Wednesday, March 5th. Citigroup reduced their price objective on shares of Intuit from $760.00 to $726.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. StockNews.com cut shares of Intuit from a "buy" rating to a "hold" rating in a research note on Monday, March 3rd. Finally, Mizuho upped 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $721.61.

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.