Cinctive Capital Management LP Grows Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Cinctive Capital Management LP lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 497.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new position in Intuit in the 4th quarter worth approximately $25,000. NewSquare Capital LLC lifted its stake in shares of Intuit by 72.0% in 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 in the last quarter. Heck Capital Advisors LLC purchased a new position in Intuit in the fourth quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Intuit during the 4th quarter valued at approximately $28,000. Finally, Summit Securities Group LLC acquired a new stake in Intuit during the 4th quarter valued at approximately $28,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INTU has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded Intuit from a “neutral” rating to an “overweight” rating and increased their target price for the company from $640.00 to $660.00 in a research note on Wednesday, March 5th. Piper Sandler reaffirmed an “overweight” rating and set a $785.00 price target (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Morgan Stanley upgraded shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a research note on Wednesday, February 26th. Mizuho raised 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. Finally, Redburn Atlantic began coverage on Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Intuit has an average rating of “Moderate Buy” and an average price target of $718.00.

Intuit Stock Performance

Shares of INTU opened at $620.91 on Thursday. Intuit Inc. has a one year low of $553.24 and a one year high of $714.78. The company has a 50-day moving average of $596.37 and a two-hundred day moving average of $621.71. 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 stock has a market cap of $173.58 billion, a price-to-earnings ratio of 60.28, a PEG ratio of 2.85 and a beta of 1.27.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be issued a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. Intuit’s dividend payout ratio is 38.81%.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 109 shares of the 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 transaction, the chief financial officer now owns 1,944 shares in the company, valued at approximately $1,221,804. This represents a 5.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction that occurred on 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 completion of the sale, the insider now owns 6,219,900 shares of the company’s stock, valued at $3,758,436,774. This trade represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,334 shares of company stock valued at $19,064,325 over the last three months. 2.68% of the stock is owned by corporate insiders.

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.