Magellan Asset Management Ltd Sells 89,057 Shares of Intuit Inc. (NASDAQ:INTU)

Magellan Asset Management Ltd decreased its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 18.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 399,306 shares of the software maker's stock after selling 89,057 shares during the quarter. Intuit makes up 2.8% of Magellan Asset Management Ltd's portfolio, making the stock its 16th biggest holding. Magellan Asset Management Ltd owned 0.14% of Intuit worth $250,964,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of INTU. Brown Financial Advisors grew its position in shares of Intuit by 0.9% during the 3rd quarter. Brown Financial Advisors now owns 1,639 shares of the software maker's stock valued at $1,018,000 after acquiring an additional 15 shares during the period. True North Advisors LLC grew its holdings in 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 during the period. Great Diamond Partners LLC grew its holdings in Intuit by 2.8% during the fourth quarter. Great Diamond Partners LLC now owns 627 shares of the software maker's stock valued at $394,000 after purchasing an additional 17 shares during the period. RB Capital Management LLC increased its position in Intuit by 0.6% in the third quarter. RB Capital Management LLC now owns 3,169 shares of the software maker's stock worth $1,968,000 after buying an additional 18 shares in the last quarter. Finally, Pacifica Partners Inc. raised its stake in shares of Intuit by 27.7% in the fourth quarter. Pacifica Partners Inc. now owns 83 shares of the software maker's stock worth $52,000 after buying an additional 18 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In other Intuit news, EVP Laura A. Fennell sold 8,163 shares of the company's stock in a transaction on 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 represents a 27.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Marianna Tessel sold 7,385 shares of the business's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $600.13, for a total transaction of $4,431,960.05. Following the sale, the executive vice president now directly owns 40,190 shares of the company's stock, valued at $24,119,224.70. This represents a 15.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,862 shares of company stock valued at $18,767,673. Company insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

INTU has been the subject of a number of recent research reports. JPMorgan Chase & Co. upgraded Intuit from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $640.00 to $660.00 in a research note on Wednesday, March 5th. StockNews.com lowered shares of Intuit from a "buy" rating to a "hold" rating in a research report on Monday, March 3rd. Citigroup decreased their price objective on shares of Intuit from $760.00 to $726.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Redburn Atlantic initiated coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a "neutral" rating on the stock. Finally, BNP Paribas lowered Intuit from a "neutral" rating to an "underperform" rating and set a $530.00 price target for the company. in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $718.00.

Intuit Trading Down 6.2 %

Shares of NASDAQ:INTU traded down $37.00 during trading on Friday, reaching $561.53. The company's stock had a trading volume of 3,334,095 shares, compared to its average volume of 1,542,889. The firm's 50 day simple moving average is $595.64 and its two-hundred day simple moving average is $620.79. Intuit Inc. has a 12 month low of $553.24 and a 12 month high of $714.78. The stock has a market capitalization of $156.98 billion, a PE ratio of 54.52, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. 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 company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Stockholders 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 annualized dividend and a dividend yield of 0.74%. Intuit's dividend payout ratio (DPR) is presently 38.81%.

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.