Intuit Inc. (NASDAQ:INTU) Holdings Reduced by Summit Global Investments

Summit Global Investments decreased its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 19.6% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 2,773 shares of the software maker's stock after selling 677 shares during the period. Summit Global Investments' holdings in Intuit were worth $1,743,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. R Squared Ltd acquired a new position in shares of Intuit during the 4th quarter valued at $25,000. NewSquare Capital LLC raised its position in 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 purchasing an additional 18 shares during the period. Heck Capital Advisors LLC acquired a new position in shares of Intuit during the fourth quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Intuit in the fourth quarter worth about $28,000. Finally, Sugar Maple Asset Management LLC acquired a new stake in shares of Intuit in the fourth quarter valued at about $29,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Performance

Shares of INTU stock traded up $0.44 on Thursday, hitting $615.30. 1,205,595 shares of the stock traded hands, compared to its average volume of 1,440,665. The company's fifty day moving average is $595.84 and its 200 day moving average is $622.71. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78. The company has a market capitalization of $172.01 billion, a PE ratio of 59.74, a PEG ratio of 2.85 and a beta of 1.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

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Intuit Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. upgraded 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. BNP Paribas downgraded shares of Intuit from a "neutral" rating to an "underperform" rating and set a $530.00 target price for the company. in a research note on Wednesday, January 15th. StockNews.com downgraded shares of Intuit from a "buy" rating to a "hold" rating in a research note on Monday, March 3rd. Mizuho upped their price objective on shares of Intuit from $750.00 to $765.00 and gave the company an "outperform" rating in a research report on Monday, March 3rd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. One investment 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $721.61.

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 6,446 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $604.26, for a total value of $3,895,059.96. Following the sale, the insider now owns 6,219,900 shares of the company's stock, valued at approximately $3,758,436,774. This trade represents a 0.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 8,163 shares of the business'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 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 represents a 27.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 132,896 shares of company stock worth $82,946,716. 2.68% of the stock is currently owned by insiders.

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.