Norges Bank Purchases New Stake in Intuit Inc. (NASDAQ:INTU)

Norges Bank acquired a new stake in Intuit Inc. (NASDAQ:INTU) during the fourth quarter, Holdings Channel reports. The firm acquired 3,644,262 shares of the software maker’s stock, valued at approximately $2,290,419,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. R Squared Ltd bought a new stake in shares of Intuit during the 4th quarter worth $25,000. NewSquare Capital LLC grew its holdings in shares of Intuit by 72.0% in 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 bought a new position in shares of Intuit during the fourth quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Intuit during the 4th quarter valued at approximately $28,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in Intuit in the fourth quarter worth $29,000. Institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

NASDAQ:INTU opened at $614.86 on Thursday. The firm has a market capitalization of $171.89 billion, a price-to-earnings ratio of 59.70, a PEG ratio of 2.85 and a beta of 1.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The business has a 50 day simple moving average of $595.84 and a 200-day simple moving average of $622.71. Intuit Inc. has a 1 year low of $553.24 and a 1 year high of $714.78.

Intuit Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 0.68%. The ex-dividend date is Thursday, April 10th. Intuit’s payout ratio is 38.81%.

Analysts Set New Price Targets

Several analysts recently weighed in on INTU shares. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research note on Monday, March 3rd. Piper Sandler reiterated an “overweight” rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. Redburn Atlantic initiated coverage on Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and raised their price target for the company from $640.00 to $660.00 in a report on Wednesday, March 5th. Finally, 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 report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $721.61.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 109 shares of Intuit stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total transaction of $68,506.50. Following the completion of the sale, the chief financial officer now directly owns 1,944 shares of the company’s stock, valued at $1,221,804. The trade was a 5.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction, the chief executive officer now directly owns 35,776 shares in the company, valued at $22,542,457.60. The trade was a 67.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 132,896 shares of company stock valued at $82,946,716. 2.68% of the stock is currently owned by company insiders.

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.