Pinebridge Investments L.P. Sells 28,086 Shares of Intuit Inc. (NASDAQ:INTU)

Pinebridge Investments L.P. lowered its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 41.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,335 shares of the software maker's stock after selling 28,086 shares during the period. Pinebridge Investments L.P.'s holdings in Intuit were worth $24,722,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. True North Advisors LLC lifted its holdings in shares of Intuit by 4.3% during the fourth quarter. True North Advisors LLC now owns 409 shares of the software maker's stock worth $257,000 after buying an additional 17 shares in the last quarter. Great Diamond Partners LLC raised its stake in Intuit by 2.8% in the 4th quarter. Great Diamond Partners LLC now owns 627 shares of the software maker's stock worth $394,000 after purchasing an additional 17 shares in the last quarter. Pacifica Partners Inc. grew its position in shares of Intuit by 27.7% during the 4th quarter. Pacifica Partners Inc. now owns 83 shares of the software maker's stock worth $52,000 after purchasing an additional 18 shares in the last quarter. Drive Wealth Management LLC increased its holdings in shares of Intuit by 2.4% during the fourth quarter. Drive Wealth Management LLC now owns 760 shares of the software maker's stock worth $478,000 after purchasing an additional 18 shares during the period. Finally, NewSquare Capital LLC raised its position in shares of 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 buying an additional 18 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Trading Down 0.9 %

Shares of INTU stock traded down $5.89 on Monday, hitting $618.23. The company had a trading volume of 1,349,187 shares, compared to its average volume of 1,580,595. The stock's 50-day moving average is $593.48 and its two-hundred day moving average is $616.08. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $714.78. The firm has a market cap of $172.83 billion, a P/E ratio of 60.02, a P/E/G ratio of 2.85 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 18th. Investors 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 yield of 0.67%. Intuit's payout ratio is 38.81%.

Insiders Place Their Bets

In related news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the transaction, the director now directly owns 8 shares of the company's stock, valued at $4,800. This represents a 99.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction on 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 of the company's stock, valued at approximately $3,758,436,774. This trade represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,696 shares of company stock worth $14,347,731. Company insiders own 2.68% of the company's stock.

Wall Street Analysts Forecast Growth

INTU has been the topic of several recent analyst reports. Jefferies Financial Group decreased their target price on shares of Intuit from $800.00 to $735.00 and set a "buy" rating on the stock in a report on Monday, March 31st. StockNews.com downgraded shares of Intuit from a "buy" rating to a "hold" rating in a research report on Monday, March 3rd. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. raised Intuit from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $640.00 to $660.00 in a report on Wednesday, March 5th. Finally, Morgan Stanley reduced their price objective on Intuit from $730.00 to $720.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $717.53.

Intuit 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.