Quadrant Capital Group LLC Reduces Stock Position in Intuit Inc. (NASDAQ:INTU)

Quadrant Capital Group LLC cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,701 shares of the software maker’s stock after selling 84 shares during the period. Quadrant Capital Group LLC’s holdings in Intuit were worth $1,698,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ilmarinen Mutual Pension Insurance Co raised its position in Intuit by 43.2% in the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 61,324 shares of the software maker’s stock worth $38,542,000 after acquiring an additional 18,500 shares during the period. Nutshell Asset Management Ltd bought a new position in Intuit in the 4th quarter worth $1,540,000. Russell Investments Group Ltd. lifted its position in Intuit by 5.2% during the fourth quarter. Russell Investments Group Ltd. now owns 350,944 shares of the software maker’s stock valued at $220,658,000 after purchasing an additional 17,367 shares in the last quarter. Perennial Investment Advisors LLC grew its holdings in Intuit by 9.1% during the fourth quarter. Perennial Investment Advisors LLC now owns 612 shares of the software maker’s stock valued at $385,000 after purchasing an additional 51 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Intuit by 2.6% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,821 shares of the software maker’s stock worth $1,144,000 after buying an additional 46 shares during the period. 83.66% of the stock is owned by institutional investors.

Insider Transactions at Intuit

In other news, EVP Marianna Tessel sold 7,385 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $600.13, for a total transaction of $4,431,960.05. Following the transaction, the executive vice president now owns 40,190 shares of the company’s stock, valued at approximately $24,119,224.70. The trade was a 15.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $612.46, for a total value of $4,999,510.98. Following the sale, the executive vice president now owns 21,882 shares in the company, valued at $13,401,849.72. The trade was a 27.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,862 shares of company stock worth $18,767,673 in the last three months. Insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of recent research reports. Piper Sandler reiterated an “overweight” rating and set a $785.00 price objective (up from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. 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. BNP Paribas downgraded shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research report on Wednesday, January 15th. Morgan Stanley raised shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. raised Intuit from a “neutral” rating to an “overweight” rating and raised their price target for the company from $640.00 to $660.00 in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $718.00.

Intuit Trading Down 6.2 %

INTU stock opened at $561.53 on Friday. The firm has a fifty day moving average price of $595.64 and a 200 day moving average price of $620.79. Intuit Inc. has a fifty-two week low of $553.24 and a fifty-two week high of $714.78. The firm has a market cap of $156.98 billion, a PE ratio of 54.52, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit Dividend Announcement

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 $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 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.