Intuit Inc. (NASDAQ:INTU) is Westpac Banking Corp’s 10th Largest Position

Westpac Banking Corp reduced its holdings in Intuit Inc. (NASDAQ:INTU) by 6.8% during the 4th quarter, Holdings Channel reports. The fund owned 27,252 shares of the software maker’s stock after selling 1,997 shares during the period. Intuit makes up about 1.1% of Westpac Banking Corp’s holdings, making the stock its 10th largest holding. Westpac Banking Corp’s holdings in Intuit were worth $17,128,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Nordea Investment Management AB lifted its holdings in shares of Intuit by 83.2% in the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after buying an additional 268,060 shares during the period. Whalen Wealth Management Inc. purchased a new stake in Intuit in the 4th quarter worth approximately $621,000. Beacon Investment Advisory Services Inc. boosted its position in Intuit by 3.8% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker’s stock worth $27,223,000 after purchasing an additional 1,602 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Intuit by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock valued at $107,854,000 after purchasing an additional 3,648 shares in the last quarter. Finally, Douglas Lane & Associates LLC increased its holdings in shares of Intuit by 109.9% during the 4th quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker’s stock valued at $15,502,000 after purchasing an additional 12,916 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

INTU has been the topic of several analyst reports. Scotiabank dropped their price target on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. JPMorgan Chase & Co. upgraded Intuit from a “neutral” rating to an “overweight” rating and raised their target price for the company from $640.00 to $660.00 in a research report on Wednesday, March 5th. Citigroup reduced their price target on Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Mizuho raised their price objective on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Finally, Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $718.00.

Intuit Trading Up 1.2 %

INTU opened at $620.91 on Thursday. The firm has a market capitalization of $173.58 billion, a price-to-earnings ratio of 60.28, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The company’s 50 day simple moving average is $596.37 and its two-hundred day simple moving average is $621.71. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors 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 dividend on an annualized basis and a yield of 0.67%. Intuit’s payout ratio is 38.81%.

Insiders Place Their Bets

In other news, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction on Friday, February 28th. The stock was sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the transaction, the insider now owns 6,219,900 shares in the company, valued at $3,758,436,774. The trade was a 0.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 363 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $628.50, for a total transaction of $228,145.50. Following the completion of the sale, the executive vice president now directly owns 19 shares of the company’s stock, valued at $11,941.50. This represents a 95.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,334 shares of company stock valued at $19,064,325. Insiders own 2.68% of the company’s stock.

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.