Cinctive Capital Management LP Buys 6,901 Shares of Intuit Inc. (NASDAQ:INTU)

Cinctive Capital Management LP lifted its stake in Intuit Inc. (NASDAQ:INTU) by 497.2% during the fourth quarter, Holdings Channel reports. The fund owned 8,289 shares of the software maker’s stock after acquiring an additional 6,901 shares during the quarter. Cinctive Capital Management LP’s holdings in Intuit were worth $5,210,000 as of its most recent filing with the SEC.

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

Intuit Stock Up 1.2 %

Shares of INTU opened at $620.91 on Thursday. The company 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 12 month low of $553.24 and a 12 month high of $714.78. The stock has a market cap of $173.58 billion, a price-to-earnings ratio of 60.28, a P/E/G ratio of 2.85 and a beta of 1.27. 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 Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 0.67%. The ex-dividend date is Thursday, April 10th. Intuit’s payout ratio is presently 38.81%.

Insider Buying and Selling

In related news, CFO Sandeep Aujla sold 109 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total value of $68,506.50. Following the transaction, the chief financial officer now directly owns 1,944 shares in the company, valued at $1,221,804. This represents a 5.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark P. Notarainni sold 363 shares of Intuit stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total transaction of $228,145.50. Following 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. Insiders sold a total of 31,334 shares of company stock worth $19,064,325 over the last three months. 2.68% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Redburn Atlantic assumed coverage on Intuit in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Mizuho upped 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. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a research note on Monday, March 3rd. Citigroup cut their target price 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. Finally, JPMorgan Chase & Co. upgraded shares of Intuit from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $640.00 to $660.00 in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and an average target price of $718.00.

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.