Fernbridge Capital Management LP Boosts Stock Position in Intuit Inc. (NASDAQ:INTU)

Fernbridge Capital Management LP grew its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 241.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 447,163 shares of the software maker's stock after acquiring an additional 316,261 shares during the period. Intuit comprises about 14.7% of Fernbridge Capital Management LP's holdings, making the stock its largest holding. Fernbridge Capital Management LP owned about 0.16% of Intuit worth $281,042,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in INTU. True North Advisors LLC increased its stake in shares of Intuit by 4.3% during the fourth quarter. True North Advisors LLC now owns 409 shares of the software maker's stock valued at $257,000 after purchasing an additional 17 shares in the last quarter. Great Diamond Partners LLC increased its position in Intuit by 2.8% during the 4th quarter. Great Diamond Partners LLC now owns 627 shares of the software maker's stock valued at $394,000 after buying an additional 17 shares in the last quarter. Pacifica Partners Inc. raised its stake in Intuit by 27.7% during the fourth quarter. Pacifica Partners Inc. now owns 83 shares of the software maker's stock valued at $52,000 after buying an additional 18 shares during the last quarter. Drive Wealth Management LLC boosted its holdings in Intuit by 2.4% in the fourth quarter. Drive Wealth Management LLC now owns 760 shares of the software maker's stock worth $478,000 after acquiring an additional 18 shares in the last quarter. Finally, NewSquare Capital LLC boosted its holdings in Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after acquiring an additional 18 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Intuit Stock Up 1.5 %

INTU opened at $624.12 on Friday. The firm's 50 day simple moving average is $593.48 and its two-hundred day simple moving average is $616.11. The company has a market capitalization of $174.48 billion, a PE ratio of 60.59, a PEG ratio of 2.85 and a beta of 1.25. Intuit Inc. has a 1-year low of $532.65 and a 1-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.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 18th. Investors of record on Thursday, April 10th were issued a $1.04 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. Intuit's dividend payout ratio is currently 38.81%.

Analysts Set New Price Targets

INTU has been the subject of several recent analyst reports. StockNews.com lowered Intuit from a "buy" rating to a "hold" rating in a research report on Monday, March 3rd. JPMorgan Chase & Co. upgraded shares of Intuit from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $640.00 to $660.00 in a research note on Wednesday, March 5th. Piper Sandler reissued an "overweight" rating and set a $785.00 price target (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and upped their price objective for the company from $600.00 to $700.00 in a research report on Thursday, April 17th. Finally, HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $717.53.

Insider Activity at Intuit

In other news, EVP Laura A. Fennell sold 8,163 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $612.46, for a total value of $4,999,510.98. Following the transaction, the executive vice president now owns 21,882 shares of the company's stock, valued at $13,401,849.72. This trade represents a 27.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eve B. Burton sold 1,702 shares of the business'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 value of $1,021,200.00. Following the transaction, the director now owns 8 shares of the company's stock, valued at approximately $4,800. This trade represents a 99.53 % 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 worth $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.

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