Northwest & Ethical Investments L.P. Buys 2,972 Shares of Intuit Inc. (NASDAQ:INTU)

Northwest & Ethical Investments L.P. lifted its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,094 shares of the software maker's stock after purchasing an additional 2,972 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Intuit were worth $25,199,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in INTU. Proficio Capital Partners LLC grew its stake in Intuit by 112,233.1% in the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker's stock valued at $668,595,000 after purchasing an additional 1,062,847 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Intuit in the 4th quarter worth about $300,854,000. Holocene Advisors LP grew its position in Intuit by 99.6% during the third quarter. Holocene Advisors LP now owns 625,583 shares of the software maker's stock valued at $388,487,000 after buying an additional 312,212 shares during the period. Nordea Investment Management AB increased its holdings in Intuit by 83.2% during the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker's stock worth $371,984,000 after buying an additional 268,060 shares during the last quarter. Finally, Sustainable Growth Advisers LP raised its position in Intuit by 20.7% in the fourth quarter. Sustainable Growth Advisers LP now owns 1,429,346 shares of the software maker's stock worth $898,344,000 after acquiring an additional 245,372 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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Intuit Price Performance

INTU stock traded up $9.05 during midday trading on Monday, reaching $613.09. The company had a trading volume of 1,702,978 shares, compared to its average volume of 1,439,823. The firm has a 50-day moving average price of $596.08 and a 200-day moving average price of $622.74. The company has a market capitalization of $171.40 billion, a P/E ratio of 59.52, a P/E/G ratio of 2.85 and a beta of 1.27. Intuit Inc. has a 1 year low of $553.24 and a 1 year high of $714.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be paid 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 0.68%. Intuit's dividend payout ratio is presently 38.81%.

Insider Activity at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 363 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total transaction of $228,145.50. Following the transaction, the executive vice president now directly owns 19 shares in the company, valued at $11,941.50. This trade represents a 95.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sasan K. Goodarzi sold 75,000 shares of the business's stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the completion of the sale, the chief executive officer now owns 35,776 shares of the company's stock, valued at approximately $22,542,457.60. The trade was a 67.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,348 shares of company stock valued at $73,515,245 over the last 90 days. 2.68% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

INTU has been the subject of several research analyst reports. Citigroup decreased their price target on shares of Intuit from $760.00 to $726.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Scotiabank dropped their price target on Intuit from $700.00 to $600.00 and set a "sector perform" rating on the stock in a research report on Thursday, February 27th. Mizuho lifted their price objective on Intuit from $750.00 to $765.00 and gave the stock an "outperform" rating in a report on Monday, March 3rd. StockNews.com downgraded shares of Intuit from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Finally, Piper Sandler reiterated an "overweight" rating and issued a $785.00 target price (up previously from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. 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's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $721.61.

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.