CIBC Private Wealth Group LLC Sells 3,623 Shares of Intuit Inc. (NASDAQ:INTU)

CIBC Private Wealth Group LLC trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 161,417 shares of the software maker’s stock after selling 3,623 shares during the quarter. CIBC Private Wealth Group LLC owned about 0.06% of Intuit worth $101,055,000 as of its most recent filing with the SEC.

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

Insiders Place Their Bets

In other Intuit news, CEO Sasan K. Goodarzi sold 75,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the transaction, the chief executive officer now directly owns 35,776 shares in the company, valued at approximately $22,542,457.60. This trade represents a 67.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 109 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total transaction of $68,506.50. Following the completion of the sale, the chief financial officer now owns 1,944 shares of the company’s stock, valued at approximately $1,221,804. The trade was a 5.31 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,896 shares of company stock valued at $82,946,716. Corporate insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INTU. JPMorgan Chase & Co. upgraded shares of Intuit from a “neutral” rating to an “overweight” rating and upped their price target for the company from $640.00 to $660.00 in a research report on Wednesday, March 5th. Mizuho lifted their target price on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Citigroup lowered their price objective on Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. Finally, Scotiabank dropped their price objective 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $721.61.

Intuit Stock Down 2.7 %

Intuit stock opened at $598.92 on Monday. The firm has a market capitalization of $167.44 billion, a price-to-earnings ratio of 58.15, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The firm’s fifty day moving average price is $595.90 and its two-hundred day moving average price is $622.23. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

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 paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.69%. Intuit’s dividend payout ratio (DPR) 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.