Intuit Inc. (NASDAQ:INTU) Shares Acquired by Cannell & Spears LLC

Cannell & Spears LLC increased its position in Intuit Inc. (NASDAQ:INTU) by 6.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,246 shares of the software maker’s stock after purchasing an additional 239 shares during the period. Cannell & Spears LLC’s holdings in Intuit were worth $2,669,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

INTU has been the topic of several research reports. JPMorgan Chase & Co. upgraded shares of Intuit from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $640.00 to $660.00 in a research note on Wednesday, March 5th. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. BMO Capital Markets lowered their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Mizuho raised their target price on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Finally, Citigroup lowered their price target on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research 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 issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $718.00.

Insider Activity at Intuit

In related news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares of the company’s stock, valued at $4,800. This represents a 99.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of Intuit stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at approximately $1,154,337.92. This trade represents a 36.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,896 shares of company stock valued at $35,689,216 over the last 90 days. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Performance

INTU opened at $613.99 on Tuesday. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78. The company has a market capitalization of $171.65 billion, a price-to-earnings ratio of 59.61, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The business has a 50 day moving average price of $596.09 and a two-hundred day moving average price of $622.00. 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 company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Investors 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 annualized dividend and a yield of 0.68%. Intuit’s dividend payout ratio is currently 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.