Fmr LLC Lowers Stake in Intuit Inc. (NASDAQ:INTU)

Fmr LLC decreased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 16.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,053,936 shares of the software maker’s stock after selling 817,155 shares during the quarter. Fmr LLC owned approximately 1.45% of Intuit worth $2,547,898,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Intuit in the fourth quarter worth approximately $2,290,419,000. Proficio Capital Partners LLC increased its stake in shares of Intuit by 112,233.1% during the fourth 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 period. Wellington Management Group LLP raised its holdings in shares of Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after acquiring an additional 620,559 shares in the last quarter. Raymond James Financial Inc. bought a new position in Intuit during the 4th quarter worth about $300,854,000. Finally, Vanguard Group Inc. increased its position in Intuit by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock valued at $16,991,696,000 after purchasing an additional 353,185 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INTU has been the topic of a number of recent research reports. BMO Capital Markets dropped their price objective on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Jefferies Financial Group reduced their price target on Intuit from $800.00 to $735.00 and set a “buy” rating for the company in a research report on Monday, March 31st. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Scotiabank decreased their target price on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Finally, Piper Sandler reiterated an “overweight” rating and set a $785.00 price objective (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. One 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. According to data from MarketBeat, Intuit presently has an average rating of “Moderate Buy” and an average price target of $718.00.

Insider Buying and Selling

In other news, EVP Laura A. Fennell sold 8,163 shares of the firm’s stock in a transaction that occurred on 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eve B. Burton sold 1,702 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the transaction, the director now owns 8 shares of the company’s stock, valued at approximately $4,800. This represents a 99.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,862 shares of company stock valued at $18,767,673 over the last ninety days. Company insiders own 2.68% of the company’s stock.

Intuit Trading Down 6.2 %

NASDAQ INTU opened at $561.53 on Friday. 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 company has a market capitalization of $156.98 billion, a PE ratio of 54.52, a P/E/G ratio of 2.85 and a beta of 1.27. The company has a fifty day moving average of $595.64 and a 200 day moving average of $620.79.

Intuit Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.74%. Intuit’s payout ratio is 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.