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

Parnassus Investments LLC trimmed its holdings in Intuit Inc. (NASDAQ:INTU) 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.

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.