Massachusetts Financial Services Co. MA Has $597 Million Stake in Intuit Inc. (NASDAQ:INTU)

Massachusetts Financial Services Co. MA lessened its stake in shares of Intuit Inc. (NASDAQ:INTU) by 6.4% during the fourth quarter, Holdings Channel reports. The fund owned 949,876 shares of the software maker’s stock after selling 65,096 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Intuit were worth $596,997,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. R Squared Ltd acquired a new position in shares of Intuit during the fourth quarter valued at about $25,000. NewSquare Capital LLC boosted its holdings in 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 acquiring an additional 18 shares in the last quarter. Heck Capital Advisors LLC acquired a new stake in Intuit in the fourth quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Intuit during the fourth quarter valued at approximately $28,000. Finally, Summit Securities Group LLC acquired a new position in shares of Intuit during the fourth quarter worth approximately $28,000. 83.66% of the stock is owned by institutional investors.

Insider Buying and Selling at Intuit

In other Intuit news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the sale, the director now owns 8 shares in the company, valued at $4,800. This represents a 99.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sandeep Aujla sold 109 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total value of $68,506.50. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,334 shares of company stock worth $19,064,325 over the last ninety days. 2.68% of the stock is currently owned by company insiders.

Intuit Stock Up 1.2 %

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

Intuit Announces Dividend

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 given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio is currently 38.81%.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of recent research reports. Citigroup decreased their price target on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Piper Sandler reissued an “overweight” rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. 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. Redburn Atlantic began coverage on Intuit in a report on Wednesday, February 19th. They set a “neutral” rating for the company. Finally, BNP Paribas lowered Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $718.00.

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.