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

Artisan Partners Limited Partnership lowered its holdings in Intuit Inc. (NASDAQ:INTU) by 99.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,393 shares of the software maker’s stock after selling 900,040 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Intuit were worth $3,390,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. R Squared Ltd acquired a new stake in Intuit during the 4th quarter worth about $25,000. NewSquare Capital LLC grew its holdings in Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares during the period. Heck Capital Advisors LLC purchased a new position in Intuit during the fourth quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Intuit in the fourth quarter valued at approximately $28,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in Intuit in the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

Intuit stock opened at $598.92 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a market cap of $167.44 billion, a P/E ratio of 58.15, a PEG ratio of 2.85 and a beta of 1.27. The company has a 50-day moving average price of $595.90 and a 200 day moving average price of $622.38. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78.

Intuit Announces Dividend

The firm 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 $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio is presently 38.81%.

Analyst Ratings Changes

INTU has been the subject of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $785.00 target price (up from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. Redburn Atlantic initiated coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a research note on Monday, March 3rd. BMO Capital Markets lowered their price target on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Finally, BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $721.61.

Insider Activity

In other Intuit news, CEO Sasan K. Goodarzi sold 75,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 35,776 shares of the company’s stock, valued at $22,542,457.60. This represents a 67.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Sandeep Aujla sold 109 shares of the business’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 sale, the chief financial officer now directly owns 1,944 shares in the company, valued at $1,221,804. This trade represents a 5.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 132,896 shares of company stock valued at $82,946,716 in the last quarter. Insiders own 2.68% of the company’s stock.

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.