Mission Wealth Management LP Has $7.62 Million Position in Intuit Inc. (NASDAQ:INTU)

Mission Wealth Management LP trimmed its position in shares of Intuit Inc. (NASDAQ:INTU) by 1.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 12,117 shares of the software maker’s stock after selling 165 shares during the period. Mission Wealth Management LP’s holdings in Intuit were worth $7,615,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Proficio Capital Partners LLC raised its holdings 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 buying an additional 1,062,847 shares during the last quarter. Holocene Advisors LP raised its stake in shares of 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 acquiring an additional 312,212 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Intuit by 83.2% during the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after acquiring an additional 268,060 shares during the last quarter. State Street Corp grew its stake in shares of Intuit by 1.8% in the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after purchasing an additional 221,885 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Intuit in the fourth quarter worth $104,278,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Performance

Shares of INTU opened at $613.84 on Monday. Intuit Inc. has a one year low of $553.24 and a one year high of $714.78. The company has a market cap of $171.82 billion, a PE ratio of 59.60, a P/E/G ratio of 2.85 and a beta of 1.24. The stock has a 50-day moving average of $605.90 and a 200-day moving average of $627.05. 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 Announces Dividend

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 issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. Intuit’s dividend payout ratio is 38.81%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on INTU. Piper Sandler reaffirmed an “overweight” rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Morgan Stanley upgraded Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective for the company in a research report on Wednesday, February 26th. Oppenheimer upped their target price on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. BMO Capital Markets lowered their price target on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Finally, Citigroup reduced their price objective on shares of Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $717.88.

Insider Transactions at Intuit

In other news, CEO Sasan K. Goodarzi sold 75,000 shares of Intuit stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the completion of the transaction, the chief executive officer now directly owns 35,776 shares in the company, valued at $22,542,457.60. This trade represents a 67.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Laura A. Fennell sold 4,788 shares of the company’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the completion of the sale, the executive vice president now owns 30,010 shares in the company, valued at $18,414,736.20. This represents a 13.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 218,014 shares of company stock valued at $140,855,687 over the last ninety days. 2.68% of the stock is owned by company insiders.

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.