M&T Bank Corp Boosts Position in Intuit Inc. (NASDAQ:INTU)

M&T Bank Corp raised its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 53,952 shares of the software maker’s stock after buying an additional 167 shares during the quarter. M&T Bank Corp’s holdings in Intuit were worth $33,909,000 at the end of the most recent reporting period.

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

Intuit Stock Performance

Shares of INTU stock opened at $617.51 on Thursday. 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 Inc. has a fifty-two week low of $553.24 and a fifty-two week high of $714.78. The stock has a 50 day moving average price of $603.65 and a two-hundred day moving average price of $626.24. The company has a market capitalization of $172.63 billion, a P/E ratio of 59.95, a PEG ratio of 2.85 and a beta of 1.24.

Intuit Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.67%. Intuit’s payout ratio is currently 38.81%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Stifel Nicolaus cut their price objective on Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a report on Friday, November 22nd. BMO Capital Markets cut their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Barclays cut their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. JPMorgan Chase & Co. raised Intuit from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $640.00 to $660.00 in a report on Wednesday. Finally, Redburn Atlantic began coverage on Intuit in a report on Wednesday, February 19th. They set a “neutral” rating for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $721.61.

Insider Buying and Selling at Intuit

In related news, CAO Lauren D. Hotz sold 1,078 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at $1,154,337.92. This represents a 36.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 109 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total value of $68,506.50. Following the transaction, the chief financial officer now owns 1,944 shares of the company’s stock, valued at approximately $1,221,804. This represents a 5.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 220,811 shares of company stock worth $142,391,012. 2.68% of the stock is currently owned by insiders.

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.