Pacific Wealth Management Sells 33 Shares of Intuit Inc. (NASDAQ:INTU)

Pacific Wealth Management cut its stake in Intuit Inc. (NASDAQ:INTU) by 5.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 629 shares of the software maker’s stock after selling 33 shares during the period. Intuit makes up approximately 0.2% of Pacific Wealth Management’s holdings, making the stock its 12th biggest position. Pacific Wealth Management’s holdings in Intuit were worth $395,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in Intuit during the fourth quarter worth about $2,290,419,000. Proficio Capital Partners LLC grew its holdings in shares of Intuit by 112,233.1% during the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock worth $668,595,000 after purchasing an additional 1,062,847 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Intuit in the fourth quarter valued at $300,854,000. Finally, Vanguard Group Inc. lifted its position in Intuit by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after purchasing an additional 353,185 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Price Performance

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

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. Intuit’s payout ratio is presently 38.81%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and issued a $785.00 target price (up previously from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. BMO Capital Markets dropped their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Citigroup lowered their price target on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Finally, Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $718.00.

Insider Activity at Intuit

In other news, CFO Sandeep Aujla sold 109 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total transaction 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. This trade represents a 5.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Laura A. Fennell sold 8,163 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares in the company, valued at approximately $13,401,849.72. This represents a 27.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,334 shares of company stock valued at $19,064,325. 2.68% of the stock is owned by 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.