Abacus FCF Advisors LLC Grows Stock Position in Intuit Inc. (NASDAQ:INTU)

Abacus FCF Advisors LLC increased its stake in Intuit Inc. (NASDAQ:INTU) by 45.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 12,721 shares of the software maker’s stock after acquiring an additional 3,968 shares during the period. Intuit makes up about 1.1% of Abacus FCF Advisors LLC’s investment portfolio, making the stock its 24th biggest holding. Abacus FCF Advisors LLC’s holdings in Intuit were worth $7,995,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB raised its holdings in shares of Intuit by 83.2% in the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after buying an additional 268,060 shares during the period. Whalen Wealth Management Inc. purchased a new stake in Intuit in the fourth quarter worth $621,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Intuit by 2.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock worth $107,854,000 after purchasing an additional 3,648 shares during the last quarter. Beacon Investment Advisory Services Inc. boosted its stake in shares of Intuit by 3.8% during the fourth quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker’s stock valued at $27,223,000 after purchasing an additional 1,602 shares during the period. Finally, Douglas Lane & Associates LLC increased its stake in Intuit by 109.9% in the 4th quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker’s stock worth $15,502,000 after buying an additional 12,916 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Down 0.9 %

Shares of NASDAQ:INTU opened at $556.24 on Tuesday. 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 stock has a market cap of $155.50 billion, a P/E ratio of 54.00, a P/E/G ratio of 2.85 and a beta of 1.25. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $714.78. The firm has a fifty day moving average price of $594.64 and a 200 day moving average price of $620.01.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Insider Activity at Intuit

In other news, insider Scott D. Cook sold 6,446 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the completion of the transaction, the insider now directly owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. This represents a 0.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Marianna Tessel sold 7,385 shares of the company’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $600.13, for a total value of $4,431,960.05. Following the transaction, the executive vice president now directly owns 40,190 shares in the company, valued at $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 26,074 shares of company stock worth $15,829,661 in the last three months. Insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INTU. Citigroup decreased their price target on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Scotiabank dropped their target price on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $785.00 price target (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Redburn Atlantic started coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, Jefferies Financial Group cut their price target on Intuit from $800.00 to $735.00 and set a “buy” rating on the stock in a report on Monday, March 31st. One investment 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 MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $718.00.

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.