NewEdge Advisors LLC Grows Stock Holdings in Intuit Inc. (NASDAQ:INTU)

NewEdge Advisors LLC increased its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 6.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,900 shares of the software maker's stock after buying an additional 1,786 shares during the quarter. NewEdge Advisors LLC's holdings in Intuit were worth $18,792,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in INTU. Vanguard Group Inc. boosted its stake in shares of Intuit by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock worth $16,991,696,000 after acquiring an additional 353,185 shares during the last quarter. Geode Capital Management LLC lifted its position in Intuit by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock valued at $3,833,720,000 after purchasing an additional 132,384 shares in the last quarter. Wellington Management Group LLP grew its holdings in Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the period. Norges Bank purchased a new stake in Intuit in the fourth quarter worth about $2,290,419,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Intuit by 3.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker's stock worth $1,499,744,000 after buying an additional 88,487 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on INTU shares. Oppenheimer reduced their target price on shares of Intuit from $722.00 to $642.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Piper Sandler reissued an "overweight" rating and issued a $785.00 price objective (up from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. StockNews.com cut shares of Intuit from a "buy" rating to a "hold" rating in a research note on Monday, March 3rd. 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. Finally, Jefferies Financial Group lowered their price objective on Intuit from $800.00 to $735.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, Intuit presently has a consensus rating of "Moderate Buy" and a consensus price target of $718.56.

Insider Activity at Intuit

In other Intuit news, insider Scott D. Cook sold 6,446 shares of the business'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 transaction of $3,895,059.96. Following the completion of the transaction, the insider now owns 6,219,900 shares in the company, valued at $3,758,436,774. The trade was a 0.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eve B. Burton sold 1,702 shares of the company'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 directly owns 8 shares in the company, valued at approximately $4,800. This represents a 99.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,696 shares of company stock worth $14,347,731. Insiders own 2.68% of the company's stock.

Intuit Trading Up 1.8 %

INTU traded up $10.31 during trading on Tuesday, reaching $579.15. The company had a trading volume of 277,751 shares, compared to its average volume of 1,570,012. 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 business has a 50 day simple moving average of $591.88 and a 200-day simple moving average of $616.35. The stock has a market cap of $161.91 billion, a P/E ratio of 56.23, a PEG ratio of 2.85 and a beta of 1.25. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $714.78.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 18th. Stockholders 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 annualized dividend and a dividend yield of 0.72%. 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.