Intuit Inc. (NASDAQ:INTU) Shares Acquired by Sumitomo Mitsui Financial Group Inc.

Sumitomo Mitsui Financial Group Inc. grew its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,050 shares of the software maker's stock after purchasing an additional 2,283 shares during the period. Sumitomo Mitsui Financial Group Inc.'s holdings in Intuit were worth $21,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. EP Wealth Advisors LLC grew its holdings in shares of Intuit by 79.5% during the third quarter. EP Wealth Advisors LLC now owns 9,987 shares of the software maker's stock valued at $6,202,000 after buying an additional 4,422 shares during the last quarter. Dunhill Financial LLC increased its holdings in shares of Intuit by 110.3% in the third quarter. Dunhill Financial LLC now owns 61 shares of the software maker's stock valued at $38,000 after purchasing an additional 32 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Intuit in the third quarter valued at about $62,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Intuit in the third quarter worth about $4,479,000. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in shares of Intuit by 7.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 97,131 shares of the software maker's stock worth $60,318,000 after purchasing an additional 6,353 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on INTU. StockNews.com cut shares of Intuit from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Oppenheimer lowered their price target on shares of Intuit from $722.00 to $642.00 and set an "outperform" rating on the stock in a report on Friday. Redburn Atlantic began coverage on shares of Intuit in a report on Wednesday, February 19th. They issued a "neutral" rating for the company. 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 note on Wednesday, January 15th. Finally, Morgan Stanley upgraded Intuit from an "equal weight" rating to an "overweight" rating and set a $730.00 target price on the stock in a research report on Wednesday, February 26th. 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $713.56.

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Intuit Price Performance

Shares of Intuit stock traded up $9.57 during trading hours on Friday, reaching $587.04. 1,479,882 shares of the company's stock were exchanged, compared to its average volume of 1,567,880. The business has a fifty day moving average of $591.70 and a two-hundred day moving average of $617.55. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $164.11 billion, a P/E ratio of 56.99, a price-to-earnings-growth 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.

Intuit Announces Dividend

The firm 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 is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.71%. Intuit's payout ratio is 38.81%.

Insiders Place Their Bets

In related news, insider Scott D. Cook sold 6,446 shares of the firm's stock in a transaction dated 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 completion of the sale, the insider now directly owns 6,219,900 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Also, EVP Laura A. Fennell sold 8,163 shares of the business's stock in a transaction dated Monday, March 24th. The shares were 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. The trade was a 27.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,696 shares of company stock valued at $14,347,731 in the last ninety days. 2.68% of the stock is currently owned by corporate insiders.

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.