Geneva Capital Management LLC Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

Geneva Capital Management LLC lowered its stake in Intuit Inc. (NASDAQ:INTU) by 10.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,335 shares of the software maker’s stock after selling 4,277 shares during the quarter. Geneva Capital Management LLC’s holdings in Intuit were worth $22,208,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in Intuit in the fourth quarter worth approximately $300,854,000. Promus Capital LLC purchased a new stake in Intuit in the fourth quarter worth approximately $89,000. Cullen Frost Bankers Inc. boosted its holdings in Intuit by 2.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 19,066 shares of the software maker’s stock worth $11,983,000 after purchasing an additional 529 shares during the last quarter. Arizona State Retirement System boosted its holdings in Intuit by 1.4% in the fourth quarter. Arizona State Retirement System now owns 81,223 shares of the software maker’s stock worth $51,049,000 after purchasing an additional 1,114 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new position in shares of Intuit during the 4th quarter worth $2,958,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 6,446 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $604.26, for a total value of $3,895,059.96. Following the sale, the insider now directly owns 6,219,900 shares in the company, valued at $3,758,436,774. The trade was a 0.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the completion of the sale, the executive vice president now owns 489 shares in the company, valued at approximately $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 220,811 shares of company stock worth $142,391,012. Insiders own 2.68% of the company’s stock.

Intuit Stock Performance

Shares of NASDAQ INTU opened at $617.51 on Thursday. 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 company has a market cap of $172.63 billion, a P/E ratio of 59.95, a P/E/G ratio of 2.85 and a beta of 1.24. The firm’s fifty day moving average is $603.65 and its two-hundred day moving average is $626.24. Intuit Inc. has a 52-week low of $553.24 and a 52-week high of $714.78.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. Intuit’s dividend payout ratio is currently 38.81%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INTU. Redburn Atlantic began coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Citigroup dropped their price target 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. 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 note on Wednesday, February 26th. JPMorgan Chase & Co. upgraded shares of Intuit from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $640.00 to $660.00 in a research note on Wednesday. Finally, Oppenheimer lifted their price target on shares of Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $721.61.

Intuit Company 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.