Vestmark Advisory Solutions Inc. Lowers Stake in Intuit Inc. (NASDAQ:INTU)

Vestmark Advisory Solutions Inc. cut its holdings in Intuit Inc. (NASDAQ:INTU) by 11.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,048 shares of the software maker’s stock after selling 802 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Intuit were worth $3,780,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in INTU. Parnassus Investments LLC lifted its stake in Intuit by 42,268.5% in the third quarter. Parnassus Investments LLC now owns 610,954 shares of the software maker’s stock worth $312,161,000 after acquiring an additional 609,512 shares during the period. Wellington Management Group LLP lifted its stake in Intuit by 61.5% in the third quarter. Wellington Management Group LLP now owns 1,350,929 shares of the software maker’s stock worth $690,244,000 after acquiring an additional 514,259 shares during the period. International Assets Investment Management LLC lifted its stake in Intuit by 60,534.9% in the fourth quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock worth $295,609,000 after acquiring an additional 472,172 shares during the period. Fisher Asset Management LLC lifted its stake in Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,957 shares of the software maker’s stock worth $1,946,943,000 after acquiring an additional 270,414 shares during the period. Finally, FMR LLC lifted its stake in Intuit by 5.0% in the third quarter. FMR LLC now owns 5,636,635 shares of the software maker’s stock worth $2,879,982,000 after acquiring an additional 266,803 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the completion of the transaction, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the completion of the transaction, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The disclosure for this sale can be found here. Insiders sold a total of 4,717 shares of company stock valued at $3,117,156 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

INTU has been the subject of several analyst reports. Piper Sandler increased their price target on shares of Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Barclays increased their price target on shares of Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Stifel Nicolaus increased their price target on shares of Intuit from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. increased their price target on shares of Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Finally, BMO Capital Markets reissued an “outperform” rating and set a $700.00 price target on shares of Intuit in a research report on Tuesday, March 26th. Four investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $650.23.

Intuit Stock Performance

INTU traded up $15.23 during trading on Friday, reaching $629.27. 1,109,512 shares of the company’s stock were exchanged, compared to its average volume of 1,209,705. Intuit Inc. has a 1 year low of $400.22 and a 1 year high of $671.01. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market capitalization of $176.20 billion, a P/E ratio of 64.21, a price-to-earnings-growth ratio of 3.74 and a beta of 1.22. The company’s fifty day simple moving average is $637.56 and its 200-day simple moving average is $605.68.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same period last year, the firm posted $1.05 EPS. Intuit’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, research analysts predict that Intuit Inc. will post 11.27 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend was Tuesday, April 9th. Intuit’s dividend payout ratio (DPR) is 36.73%.

Intuit Company 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.