Pitcairn Co. Lowers Stake in Intuit Inc. (NASDAQ:INTU)

Pitcairn Co. trimmed its holdings in Intuit Inc. (NASDAQ:INTU) by 12.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 13,223 shares of the software maker’s stock after selling 1,928 shares during the quarter. Pitcairn Co.’s holdings in Intuit were worth $8,311,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. R Squared Ltd purchased a new stake in Intuit during the 4th quarter valued at approximately $25,000. NewSquare Capital LLC raised its stake in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares during the last quarter. Heck Capital Advisors LLC purchased a new stake in shares of Intuit during the fourth quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Intuit during the fourth quarter worth $28,000. Finally, Summit Securities Group LLC acquired a new position in Intuit in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on INTU. Piper Sandler restated 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. BNP Paribas lowered Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a report on Wednesday, January 15th. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research note on Monday, March 3rd. Scotiabank decreased their price target on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. upgraded Intuit from a “neutral” rating to an “overweight” rating and increased their price objective for the stock 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 assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $718.00.

Insider Activity at Intuit

In other Intuit news, EVP Laura A. Fennell sold 8,163 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the sale, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at $13,401,849.72. This trade represents a 27.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Marianna Tessel sold 7,385 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $600.13, for a total transaction of $4,431,960.05. Following the completion of the transaction, the executive vice president now directly owns 40,190 shares of the company’s stock, valued at approximately $24,119,224.70. This represents a 15.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,334 shares of company stock valued at $19,064,325 over the last quarter. Insiders own 2.68% of the company’s stock.

Intuit Trading Up 1.2 %

Shares of Intuit stock opened at $620.91 on Thursday. 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. The business has a 50 day moving average price of $596.37 and a 200 day moving average price of $621.71. The company has a market capitalization of $173.58 billion, a P/E ratio of 60.28, a P/E/G ratio of 2.85 and a beta of 1.27.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be given a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.67%. Intuit’s dividend payout ratio is currently 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.