Intuit Inc. (NASDAQ:INTU) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC trimmed its holdings in Intuit Inc. (NASDAQ:INTUFree Report) by 6.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,117,327 shares of the software maker’s stock after selling 76,691 shares during the quarter. Intuit makes up 1.6% of Parnassus Investments LLC’s holdings, making the stock its 26th biggest holding. Parnassus Investments LLC’s holdings in Intuit were worth $702,240,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. R Squared Ltd acquired a new stake in Intuit during the fourth quarter worth about $25,000. NewSquare Capital LLC increased its position in 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 during the last quarter. Heck Capital Advisors LLC acquired a new stake in Intuit during the fourth quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Intuit during the fourth quarter worth about $28,000. Finally, Sugar Maple Asset Management LLC acquired a new stake in Intuit during the fourth quarter worth about $29,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 73,655 shares of Intuit stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $664.94, for a total value of $48,976,155.70. Following the completion of the transaction, the insider now owns 6,301,286 shares in the company, valued at $4,189,977,112.84. The trade was a 1.16 % 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, CAO Lauren D. Hotz sold 1,078 shares of Intuit 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 of the company’s stock, valued at $1,154,337.92. This represents a 36.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 189,301 shares of company stock worth $121,470,200 over the last 90 days. 2.68% of the stock is owned by insiders.

Intuit Trading Down 1.7 %

NASDAQ INTU opened at $581.32 on Friday. The firm has a 50 day simple moving average of $598.85 and a 200-day simple moving average of $623.76. 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 one year low of $553.24 and a one year high of $714.78. The firm has a market cap of $162.51 billion, a price-to-earnings ratio of 56.44, a PEG ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.72%. Intuit’s dividend payout ratio is currently 38.81%.

Wall Street Analyst Weigh In

INTU has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Intuit from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $640.00 to $660.00 in a research report on Wednesday, March 5th. Citigroup dropped their price target on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Piper Sandler reiterated an “overweight” rating and set a $785.00 price target (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Mizuho lifted their price target on shares of Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Finally, Morgan Stanley upgraded shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price target for the company in a research report on Wednesday, February 26th. One investment 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. According to data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $721.61.

Get Our Latest Research Report on INTU

About Intuit

(Free Report)

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.

See Also

Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTUFree Report).

Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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