Independent Solutions Wealth Management LLC Has $2.84 Million Stake in Intuit Inc. (NASDAQ:INTU)

Independent Solutions Wealth Management LLC trimmed its stake in Intuit Inc. (NASDAQ:INTU) by 2.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,523 shares of the software maker’s stock after selling 120 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Intuit were worth $2,843,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Intuit by 4.2% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 15,539 shares of the software maker’s stock worth $9,766,000 after acquiring an additional 630 shares during the last quarter. Douglass Winthrop Advisors LLC increased its holdings in shares of Intuit by 3.3% during the fourth quarter. Douglass Winthrop Advisors LLC now owns 14,179 shares of the software maker’s stock worth $8,912,000 after purchasing an additional 451 shares during the period. Northwest & Ethical Investments L.P. raised its holdings in Intuit by 8.0% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 40,094 shares of the software maker’s stock valued at $25,199,000 after acquiring an additional 2,972 shares in the last quarter. iA Global Asset Management Inc. raised its stake in Intuit by 5.7% in the fourth quarter. iA Global Asset Management Inc. now owns 30,930 shares of the software maker’s stock valued at $19,440,000 after purchasing an additional 1,674 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Intuit by 35.5% in the 4th quarter. Teacher Retirement System of Texas now owns 127,498 shares of the software maker’s stock valued at $80,132,000 after buying an additional 33,415 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Scotiabank dropped their price objective on Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Redburn Atlantic began coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. 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 report on Wednesday, February 26th. Mizuho upped their target price on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. 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 report on Wednesday, March 5th. One equities 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $721.61.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 109 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was 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 of the company’s stock, valued at approximately $1,221,804. The trade was a 5.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sasan K. Goodarzi sold 75,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 35,776 shares in the company, valued at $22,542,457.60. This represents a 67.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,646 shares of company stock worth $72,494,045 over the last quarter. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Performance

Shares of INTU opened at $600.42 on Friday. Intuit Inc. has a one year low of $553.24 and a one year high of $714.78. The company has a market cap of $167.85 billion, a PE ratio of 58.29, a P/E/G ratio of 2.85 and a beta of 1.27. The stock has a 50-day moving average of $596.47 and a 200-day moving average of $623.00. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.69%. Intuit’s dividend payout ratio (DPR) is presently 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.