Intuit Inc. (NASDAQ:INTU) Shares Sold by Westpac Banking Corp

Westpac Banking Corp cut its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 6.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,252 shares of the software maker's stock after selling 1,997 shares during the period. Intuit accounts for 1.1% of Westpac Banking Corp's holdings, making the stock its 10th largest position. Westpac Banking Corp's holdings in Intuit were worth $17,128,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in INTU. Nordea Investment Management AB increased its position in Intuit by 83.2% during the 4th 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 period. Whalen Wealth Management Inc. acquired a new stake in shares of Intuit in the fourth quarter valued at approximately $621,000. Beacon Investment Advisory Services Inc. grew its position in Intuit by 3.8% during the fourth quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker's stock worth $27,223,000 after buying an additional 1,602 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Intuit by 2.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker's stock valued at $107,854,000 after acquiring an additional 3,648 shares in the last quarter. Finally, Douglas Lane & Associates LLC lifted its position in shares of Intuit by 109.9% during the 4th quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker's stock valued at $15,502,000 after acquiring an additional 12,916 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

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Intuit Trading Down 6.2 %

Shares of INTU traded down $37.00 during mid-day trading on Friday, reaching $561.53. 3,334,095 shares of the company were exchanged, compared to its average volume of 1,542,889. The business has a 50 day simple moving average of $595.64 and a two-hundred day simple moving average of $620.96. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a market capitalization of $156.98 billion, a PE ratio of 54.52, a PEG ratio of 2.85 and a beta of 1.27. Intuit Inc. has a 52 week low of $553.24 and a 52 week high of $714.78.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit's dividend payout ratio is currently 38.81%.

Insider Transactions at Intuit

In other Intuit news, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 21,882 shares in the company, valued at approximately $13,401,849.72. This trade represents a 27.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Lauren D. Hotz sold 1,078 shares of the business's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the completion of the transaction, the chief accounting officer now directly owns 1,864 shares in the company, valued at $1,154,337.92. This represents a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,862 shares of company stock worth $18,767,673 over the last three months. 2.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

INTU has been the topic of a number of recent analyst reports. Mizuho raised their price target on Intuit from $750.00 to $765.00 and gave the stock an "outperform" rating in a research report on Monday, March 3rd. StockNews.com lowered shares of Intuit from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Jefferies Financial Group cut their price target on shares of Intuit from $800.00 to $735.00 and set a "buy" rating for the company in a report on Monday, March 31st. Piper Sandler reiterated an "overweight" rating and set a $785.00 price target (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. upgraded shares of 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 report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $718.00.

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.