Edgewood Management LLC Cuts Position in Intuit Inc. (NASDAQ:INTU)

Edgewood Management LLC decreased its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,353,356 shares of the software maker's stock after selling 189,472 shares during the period. Intuit makes up approximately 4.2% of Edgewood Management LLC's investment portfolio, making the stock its 12th biggest position. Edgewood Management LLC owned 0.84% of Intuit worth $1,479,084,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. R Squared Ltd bought a new stake in Intuit in the fourth quarter worth $25,000. NewSquare Capital LLC raised its stake in shares of 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 period. Heck Capital Advisors LLC bought a new stake in shares of Intuit in the 4th quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Intuit during the 4th quarter worth about $28,000. Finally, Summit Securities Group LLC purchased a new position in shares of Intuit during the 4th quarter worth about $28,000. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on INTU. StockNews.com cut Intuit from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. JPMorgan Chase & Co. upgraded 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. Jefferies Financial Group decreased their price objective on shares of Intuit from $800.00 to $735.00 and set a "buy" rating for the company in a report on Monday, March 31st. Oppenheimer lowered their price objective on shares of Intuit from $722.00 to $642.00 and set an "outperform" rating for the company in a research report on Friday. Finally, BNP Paribas lowered shares of Intuit from a "neutral" rating to an "underperform" rating and set a $530.00 target price on the stock. in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $713.56.

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Intuit Stock Up 0.7 %

Shares of NASDAQ:INTU traded up $4.01 during trading on Friday, reaching $581.48. The stock had a trading volume of 593,226 shares, compared to its average volume of 1,564,623. The firm's 50-day simple moving average is $591.80 and its 200 day simple moving average is $617.88. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a one year low of $532.65 and a one year high of $714.78. The company has a market capitalization of $162.56 billion, a P/E ratio of 56.41, a PEG ratio of 2.85 and a beta of 1.25.

Intuit Announces Dividend

The company also recently declared 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. This represents a $4.16 annualized dividend and a yield of 0.72%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit's dividend payout ratio is currently 38.81%.

Insider Transactions at Intuit

In other Intuit news, insider Scott D. Cook sold 6,446 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the transaction, the insider now directly owns 6,219,900 shares of the company's stock, valued at $3,758,436,774. This trade represents a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Marianna Tessel sold 7,385 shares of Intuit stock in a transaction dated 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 completion of the sale, the executive vice president now owns 40,190 shares in the company, valued at approximately $24,119,224.70. The trade was a 15.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,696 shares of company stock valued at $14,347,731. Corporate 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.