Canopy Partners LLC Acquires New Position in Intuit Inc. (NASDAQ:INTU)

Canopy Partners LLC bought a new position in Intuit Inc. (NASDAQ:INTU) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 391 shares of the software maker’s stock, valued at approximately $246,000.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Intuit by 1.3% in the fourth 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. Geode Capital Management LLC grew its holdings in Intuit by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock valued at $3,833,720,000 after buying an additional 132,384 shares during the period. Wellington Management Group LLP increased its stake in shares of Intuit by 13.3% during the 4th 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 during the last quarter. Norges Bank purchased a new position in shares of Intuit during the 4th quarter worth about $2,290,419,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Intuit by 3.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker’s stock worth $1,499,744,000 after acquiring an additional 88,487 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Intuit news, CFO Sandeep Aujla sold 1,300 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $626.42, for a total transaction of $814,346.00. Following the completion of the transaction, the chief financial officer now directly owns 644 shares of the company’s stock, valued at $403,414.48. This trade represents a 66.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Laura A. Fennell sold 8,163 shares of the company’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 completion of the sale, the executive vice president now owns 21,882 shares in the company, valued at approximately $13,401,849.72. This trade represents a 27.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,862 shares of company stock worth $18,767,673 in the last three months. 2.68% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently commented on INTU. Scotiabank dropped their price target 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. Redburn Atlantic started coverage on Intuit in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price target for the company in a research report on Wednesday, February 26th. JPMorgan Chase & Co. upgraded Intuit from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $640.00 to $660.00 in a report on Wednesday, March 5th. Finally, BMO Capital Markets decreased their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $718.00.

Intuit Stock Performance

NASDAQ:INTU opened at $561.53 on Monday. Intuit Inc. has a 1-year low of $533.55 and a 1-year high of $714.78. The stock has a market cap of $156.98 billion, a P/E ratio of 54.52, a PEG ratio of 2.85 and a beta of 1.25. 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 firm has a 50-day moving average of $595.64 and a two-hundred day moving average of $620.70.

Intuit Announces Dividend

The firm also recently disclosed 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 is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.74%. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

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.