Wellington Management Group LLP Purchases 620,559 Shares of Intuit Inc. (NASDAQ:INTU)

Wellington Management Group LLP raised its position in Intuit Inc. (NASDAQ:INTU) by 13.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 5,296,921 shares of the software maker’s stock after acquiring an additional 620,559 shares during the period. Intuit comprises 0.6% of Wellington Management Group LLP’s portfolio, making the stock its 28th biggest position. Wellington Management Group LLP’s holdings in Intuit were worth $3,329,115,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. O Shaughnessy Asset Management LLC boosted its holdings in shares of Intuit by 3.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 33,110 shares of the software maker’s stock valued at $20,810,000 after buying an additional 1,000 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Intuit by 14.0% in the fourth quarter. Clearbridge Investments LLC now owns 1,107,767 shares of the software maker’s stock valued at $696,232,000 after acquiring an additional 136,252 shares during the last quarter. Physician Wealth Advisors Inc. bought a new position in shares of Intuit in the 4th quarter valued at about $203,000. California Public Employees Retirement System increased its stake in shares of Intuit by 10.4% during the 4th quarter. California Public Employees Retirement System now owns 755,236 shares of the software maker’s stock worth $474,666,000 after purchasing an additional 71,068 shares during the last quarter. Finally, RWA Wealth Partners LLC lifted its stake in Intuit by 12.9% in the 4th quarter. RWA Wealth Partners LLC now owns 3,795 shares of the software maker’s stock valued at $2,385,000 after purchasing an additional 433 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In related news, EVP Laura A. Fennell sold 8,163 shares of the company’s stock in a transaction on Monday, March 24th. The stock was 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 represents a 27.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Marianna Tessel sold 7,385 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $600.13, for a total value of $4,431,960.05. Following the completion of the sale, the executive vice president now directly owns 40,190 shares of the company’s stock, valued at $24,119,224.70. The trade was a 15.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 132,896 shares of company stock worth $82,946,716. Insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

INTU has been the subject of a number of recent analyst reports. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective for the company in a research report on Wednesday, February 26th. 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 report on Wednesday, January 15th. JPMorgan Chase & Co. upgraded shares of Intuit from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $640.00 to $660.00 in a report on Wednesday, March 5th. Citigroup cut their target price 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. Finally, Scotiabank decreased their price target on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $721.61.

Intuit Trading Down 2.7 %

NASDAQ:INTU opened at $598.92 on Monday. Intuit Inc. has a 12 month low of $553.24 and a 12 month high of $714.78. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a market capitalization 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 firm has a fifty day simple moving average of $595.90 and a two-hundred day simple moving average of $622.23.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.69%. Intuit’s payout ratio is 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.