Artisan Partners Limited Partnership Decreases Position in Intuit Inc. (NASDAQ:INTU)

Artisan Partners Limited Partnership decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 99.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,393 shares of the software maker’s stock after selling 900,040 shares during the period. Artisan Partners Limited Partnership’s holdings in Intuit were worth $3,390,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

INTU has been the topic of a number of analyst reports. Scotiabank reduced their price objective 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. Mizuho lifted their price target on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. JPMorgan Chase & Co. raised Intuit from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $640.00 to $660.00 in a research report on Wednesday, March 5th. Piper Sandler reaffirmed an “overweight” rating and issued a $785.00 price target (up from $765.00) on shares of Intuit in a report on Wednesday, February 26th. Finally, Citigroup cut their price objective on shares of Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and a consensus price target of $721.61.

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 stock was sold at an average price of $628.50, for a total value 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. This trade represents a 5.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sasan K. Goodarzi sold 75,000 shares of Intuit stock in a transaction that occurred on Tuesday, December 31st. The shares were 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 trade represents a 67.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 132,896 shares of company stock worth $82,946,716 over the last 90 days. Company insiders own 2.68% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ INTU opened at $598.92 on Friday. 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 company has a market cap of $167.44 billion, a PE ratio of 58.15, a P/E/G ratio of 2.85 and a beta of 1.27. The stock has a fifty day moving average price of $595.90 and a 200 day moving average price of $622.38. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be paid 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 dividend yield of 0.69%. Intuit’s dividend payout ratio (DPR) is 38.81%.

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.