Synovus Financial Corp Boosts Stake in Intuit Inc. (NASDAQ:INTU)

Synovus Financial Corp increased its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 31.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,819 shares of the software maker's stock after purchasing an additional 2,324 shares during the period. Synovus Financial Corp's holdings in Intuit were worth $6,171,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Summit Investment Advisors Inc. grew its holdings in Intuit by 3.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,662 shares of the software maker's stock valued at $7,330,000 after purchasing an additional 394 shares during the period. Seeds Investor LLC raised its holdings in Intuit by 6.5% during the 4th quarter. Seeds Investor LLC now owns 541 shares of the software maker's stock worth $340,000 after buying an additional 33 shares during the period. Sagespring Wealth Partners LLC acquired a new position in shares of Intuit in the fourth quarter valued at approximately $1,467,000. Townsquare Capital LLC increased its position in shares of Intuit by 10.8% during the fourth quarter. Townsquare Capital LLC now owns 16,621 shares of the software maker's stock worth $10,447,000 after acquiring an additional 1,621 shares in the last quarter. Finally, Legacy Investment Solutions LLC raised its holdings in shares of Intuit by 18.0% during the fourth quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after acquiring an additional 18 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on INTU. BNP Paribas downgraded Intuit from a "neutral" rating to an "underperform" rating and set a $530.00 price objective for the company. in a report on Wednesday, January 15th. Mizuho upped their price objective on Intuit from $750.00 to $765.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. BMO Capital Markets lowered their target price on shares of Intuit from $760.00 to $714.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Citigroup dropped their target price on shares of Intuit from $760.00 to $726.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Finally, StockNews.com lowered Intuit from a "buy" rating to a "hold" rating in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $718.56.

Insider Activity at Intuit

In other 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 sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction of $4,999,510.98. Following the transaction, the executive vice president now owns 21,882 shares in the company, valued at approximately $13,401,849.72. The trade was a 27.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,696 shares of company stock worth $14,347,731 over the last quarter. Company insiders own 2.68% of the company's stock.

Intuit Trading Down 0.5 %

INTU traded down $2.70 during midday trading on Friday, hitting $585.38. 1,639,806 shares of the company were exchanged, compared to its average volume of 1,575,512. The firm has a market capitalization of $163.65 billion, a P/E ratio of 56.83, a P/E/G ratio of 2.85 and a beta of 1.25. The firm's 50 day moving average price is $592.03 and its 200-day moving average price is $616.49. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $714.78.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 18th. Shareholders of record on Thursday, April 10th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Thursday, April 10th. Intuit's dividend payout ratio is presently 38.81%.

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.