NFJ Investment Group LLC Cuts Stake in Intuit Inc. (NASDAQ:INTU)

NFJ Investment Group LLC decreased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 7.5% in the 4th quarter, Holdings Channel reports. The fund owned 114,834 shares of the software maker’s stock after selling 9,312 shares during the quarter. Intuit accounts for approximately 2.3% of NFJ Investment Group LLC’s investment portfolio, making the stock its 5th biggest position. NFJ Investment Group LLC’s holdings in Intuit were worth $72,173,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of analysts recently issued reports on INTU shares. Mizuho lifted their target price on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Morgan Stanley upgraded Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective on the stock in a research note on Wednesday, February 26th. Piper Sandler reissued an “overweight” rating and issued a $785.00 price objective (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. Citigroup lowered their target price on shares of Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Finally, Oppenheimer cut their price target on shares of Intuit from $722.00 to $642.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $713.56.

Insider Buying and Selling at Intuit

In related news, EVP Laura A. Fennell sold 8,163 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares in the company, valued at approximately $13,401,849.72. The trade was a 27.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Eve B. Burton sold 1,702 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total value of $1,021,200.00. Following the sale, the director now directly owns 8 shares in the company, valued at $4,800. This represents a 99.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,696 shares of company stock valued at $14,347,731 in the last ninety days. 2.68% of the stock is currently owned by corporate insiders.

Intuit Trading Up 0.1 %

Shares of NASDAQ:INTU opened at $594.08 on Wednesday. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $714.78. The business has a 50 day moving average of $591.89 and a 200-day moving average of $617.08. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a market cap of $166.08 billion, a PE ratio of 57.68, a P/E/G ratio of 2.85 and a beta of 1.25.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.70%. Intuit’s dividend payout ratio (DPR) is presently 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.