Vestmark Advisory Solutions Inc. Purchases 1,308 Shares of Intuit Inc. (NASDAQ:INTU)

Vestmark Advisory Solutions Inc. raised its stake in shares of Intuit Inc. (NASDAQ:INTU) by 21.4% during the fourth quarter, HoldingsChannel reports. The firm owned 7,409 shares of the software maker’s stock after buying an additional 1,308 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Intuit were worth $4,657,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in INTU. Avidian Wealth Enterprises LLC raised its position in Intuit by 36.1% during the third quarter. Avidian Wealth Enterprises LLC now owns 667 shares of the software maker’s stock valued at $414,000 after purchasing an additional 177 shares during the period. Concurrent Investment Advisors LLC raised its position in Intuit by 6.8% during the third quarter. Concurrent Investment Advisors LLC now owns 5,245 shares of the software maker’s stock valued at $3,257,000 after purchasing an additional 333 shares during the period. Two Point Capital Management Inc. raised its holdings in shares of Intuit by 0.7% in the third quarter. Two Point Capital Management Inc. now owns 10,719 shares of the software maker’s stock worth $6,656,000 after buying an additional 77 shares during the period. M&G PLC raised its holdings in shares of Intuit by 15.4% in the third quarter. M&G PLC now owns 42,306 shares of the software maker’s stock worth $26,272,000 after buying an additional 5,658 shares during the period. Finally, Wealth Architects LLC raised its holdings in shares of Intuit by 3.0% in the third quarter. Wealth Architects LLC now owns 1,270 shares of the software maker’s stock worth $789,000 after buying an additional 37 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on INTU shares. Citigroup reduced their price target on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Oppenheimer increased their price target on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. upgraded Intuit from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $640.00 to $660.00 in a report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $785.00 price target (up from $765.00) on shares of Intuit in a report on Wednesday, February 26th. Finally, StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a report on Monday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $721.61.

Insider Buying and Selling at Intuit

In other news, EVP Laura A. Fennell sold 7,700 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $657.64, for a total value of $5,063,828.00. Following the completion of the sale, the executive vice president now owns 33,916 shares of the company’s stock, valued at $22,304,518.24. This trade represents a 18.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alex G. Balazs sold 23,810 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the completion of the sale, the executive vice president now directly owns 489 shares of the company’s stock, valued at $325,664.22. The trade was a 97.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 220,811 shares of company stock valued at $142,391,012. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Down 1.8 %

Shares of NASDAQ INTU opened at $606.37 on Friday. 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 $169.52 billion, a PE ratio of 58.87, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. The stock’s fifty day simple moving average is $602.86 and its two-hundred day simple moving average is $626.10. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78.

Intuit Dividend Announcement

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 dividend of $1.04 per share. The ex-dividend date is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.69%. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

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.