Truepoint Inc. Cuts Position in Intuit Inc. (NASDAQ:INTU)

Truepoint Inc. trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 3.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 732 shares of the software maker’s stock after selling 27 shares during the period. Truepoint Inc.’s holdings in Intuit were worth $460,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp boosted its holdings in Intuit by 1.8% in the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after acquiring an additional 221,885 shares in the last quarter. Geode Capital Management LLC boosted its stake in Intuit by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock worth $3,701,762,000 after purchasing an additional 80,463 shares in the last quarter. Fisher Asset Management LLC grew its position in Intuit by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock valued at $2,376,984,000 after purchasing an additional 107,482 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Intuit by 3.9% during the 4th quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker’s stock valued at $1,499,744,000 after purchasing an additional 88,487 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Intuit by 4.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock worth $1,428,790,000 after buying an additional 87,517 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Intuit news, CEO Sasan K. Goodarzi sold 75,000 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $630.10, for a total value of $47,257,500.00. Following the completion of the sale, the chief executive officer now owns 35,776 shares in the company, valued at approximately $22,542,457.60. This represents a 67.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $604.26, for a total value of $3,895,059.96. Following the completion of the transaction, the insider now directly owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. This trade represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,646 shares of company stock worth $72,494,045. Company insiders own 2.68% of the company’s stock.

Intuit Stock Performance

NASDAQ:INTU opened at $600.42 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a 50-day simple moving average of $596.47 and a two-hundred day simple moving average of $623.00. The firm has a market capitalization of $167.85 billion, a PE ratio of 58.29, a P/E/G ratio of 2.85 and a beta of 1.27. Intuit Inc. has a 52-week low of $553.24 and a 52-week high of $714.78.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be paid 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 payout ratio is 38.81%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on INTU shares. BNP Paribas downgraded shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target for the company. in a research report on Wednesday, January 15th. Scotiabank lowered their price target on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Citigroup reduced their price objective on Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Piper Sandler restated an “overweight” rating and set a $785.00 target price (up previously from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. Finally, StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $721.61.

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.