Summit Securities Group LLC Invests $28,000 in Intuit Inc. (NASDAQ:INTU)

Summit Securities Group LLC acquired a new stake in Intuit Inc. (NASDAQ:INTU) during the fourth quarter, Holdings Channel reports. The firm acquired 44 shares of the software maker’s stock, valued at approximately $28,000.

Several other institutional investors have also added to or reduced their stakes in INTU. R Squared Ltd bought a new stake in shares of Intuit in the fourth quarter valued at approximately $25,000. NewSquare Capital LLC raised its holdings in Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after acquiring an additional 18 shares during the period. Heck Capital Advisors LLC purchased a new stake in shares of Intuit during the fourth quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Intuit in the fourth quarter worth $28,000. Finally, Sugar Maple Asset Management LLC purchased a new position in shares of Intuit in the fourth quarter valued at $29,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on INTU. Redburn Atlantic started coverage on Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a research note on Wednesday, January 15th. Morgan Stanley upgraded shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price on the stock in a research note on Wednesday, February 26th. BMO Capital Markets cut their price target on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Finally, StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $721.61.

Intuit Trading Down 2.7 %

NASDAQ:INTU opened at $598.92 on Monday. The stock has a market cap of $167.44 billion, a price-to-earnings ratio of 58.15, a PEG ratio of 2.85 and a beta of 1.27. The company’s 50 day moving average price is $595.90 and its 200-day moving average price is $622.23. Intuit Inc. has a 52 week low of $553.24 and a 52 week high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Insider Buying and Selling at Intuit

In other Intuit news, CEO Sasan K. Goodarzi sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the sale, the chief executive officer now directly owns 35,776 shares of the company’s stock, valued at $22,542,457.60. This trade represents a 67.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the business’s stock in a transaction 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 in the company, valued at $3,758,436,774. This trade represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,896 shares of company stock worth $82,946,716. Insiders own 2.68% of the company’s stock.

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.