QRG Capital Management Inc. Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

QRG Capital Management Inc. cut its position in shares of Intuit Inc. (NASDAQ:INTU) by 31.1% during the 4th quarter, Holdings Channel reports. The firm owned 24,829 shares of the software maker’s stock after selling 11,192 shares during the quarter. QRG Capital Management Inc.’s holdings in Intuit were worth $15,605,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in INTU. R Squared Ltd purchased a new position in Intuit during the fourth quarter worth about $25,000. Heck Capital Advisors LLC purchased a new position in Intuit during the fourth quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Intuit during the fourth quarter worth about $28,000. Sugar Maple Asset Management LLC purchased a new position in Intuit during the fourth quarter worth about $29,000. Finally, Denver PWM LLC purchased a new position in Intuit during the third quarter worth about $32,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on INTU shares. Scotiabank dropped their target price 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. BMO Capital Markets dropped their target price on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. Barclays dropped their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Finally, BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $717.88.

Insider Buying and Selling

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 shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the sale, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at approximately $1,154,337.92. This represents a 36.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 73,655 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total transaction of $48,976,155.70. Following the sale, the insider now directly owns 6,301,286 shares in the company, valued at $4,189,977,112.84. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 218,014 shares of company stock valued at $140,855,687. Company insiders own 2.68% of the company’s stock.

Intuit Stock Performance

Intuit stock opened at $600.42 on Friday. The firm’s 50 day simple moving average is $606.49 and its 200 day simple moving average is $627.35. 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 firm has a market capitalization of $168.07 billion, a PE ratio of 58.29, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78.

Intuit Dividend Announcement

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

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.