Magellan Asset Management Ltd Sells 89,057 Shares of Intuit Inc. (NASDAQ:INTU)

Magellan Asset Management Ltd decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 18.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 399,306 shares of the software maker’s stock after selling 89,057 shares during the quarter. Intuit accounts for approximately 2.8% of Magellan Asset Management Ltd’s holdings, making the stock its 16th biggest position. Magellan Asset Management Ltd owned approximately 0.14% of Intuit worth $250,964,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Brown Financial Advisors lifted its position in shares of Intuit by 0.9% in the third quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock valued at $1,018,000 after acquiring an additional 15 shares in the last quarter. True North Advisors LLC lifted its stake in Intuit by 4.3% in the fourth quarter. True North Advisors LLC now owns 409 shares of the software maker’s stock worth $257,000 after acquiring an additional 17 shares during the period. Great Diamond Partners LLC raised its holdings in Intuit by 2.8% in the fourth quarter. Great Diamond Partners LLC now owns 627 shares of the software maker’s stock worth $394,000 after purchasing an additional 17 shares in the last quarter. RB Capital Management LLC boosted its holdings in Intuit by 0.6% in the third quarter. RB Capital Management LLC now owns 3,169 shares of the software maker’s stock worth $1,968,000 after acquiring an additional 18 shares in the last quarter. Finally, Pacifica Partners Inc. increased its holdings in shares of Intuit by 27.7% in the fourth quarter. Pacifica Partners Inc. now owns 83 shares of the software maker’s stock valued at $52,000 after purchasing an additional 18 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Performance

Intuit stock opened at $620.91 on Thursday. The firm has a market capitalization 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. Intuit Inc. has a one year low of $553.24 and a one year high of $714.78. The stock’s 50 day moving average price is $596.37 and its 200 day moving average price is $621.71. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit Announces Dividend

The company also recently declared 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. 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 payout ratio is 38.81%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on INTU shares. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a report on Wednesday, January 15th. Citigroup reduced their price target on shares of Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Scotiabank decreased their price target on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. Finally, Mizuho boosted their price objective on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $718.00.

Insider Buying and Selling

In other news, EVP Mark P. Notarainni sold 363 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $628.50, for a total value of $228,145.50. Following the transaction, the executive vice president now directly owns 19 shares in the company, valued at approximately $11,941.50. This trade represents a 95.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the sale, the insider now directly owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. This represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,334 shares of company stock valued at $19,064,325 in the last quarter. Company insiders own 2.68% of the company’s stock.

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.