Cerro Pacific Wealth Advisors LLC Sells 86 Shares of Intuit Inc. (NASDAQ:INTU)

Cerro Pacific Wealth Advisors LLC reduced its position in Intuit Inc. (NASDAQ:INTU) by 7.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,108 shares of the software maker’s stock after selling 86 shares during the period. Cerro Pacific Wealth Advisors LLC’s holdings in Intuit were worth $688,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB increased its stake in Intuit by 83.2% in the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after buying an additional 268,060 shares in the last quarter. Harvest Portfolios Group Inc. boosted its stake in shares of Intuit by 5.4% in the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after acquiring an additional 1,853 shares during the period. GAMMA Investing LLC grew its position in shares of Intuit by 33.7% during the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock worth $2,383,000 after purchasing an additional 968 shares in the last quarter. Retireful LLC bought a new stake in Intuit during the 3rd quarter valued at approximately $740,000. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Intuit in the 3rd quarter worth approximately $56,144,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Performance

Intuit stock opened at $598.30 on Friday. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78. The company’s 50-day moving average is $640.53 and its 200 day moving average is $635.79. The firm has a market capitalization of $167.48 billion, a P/E ratio of 58.09, a price-to-earnings-growth ratio of 3.01 and a beta of 1.25. 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 (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. Intuit’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $1.14 EPS. Research analysts forecast that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend was Friday, January 10th. Intuit’s payout ratio is presently 40.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Stifel Nicolaus reduced their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Oppenheimer increased their price objective on shares of Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $765.00 target price on shares of Intuit in a report on Friday, January 10th. Finally, Morgan Stanley boosted their target price on Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. One research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $726.53.

Insider Buying and Selling

In related news, CAO Lauren D. Hotz sold 1,078 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $619.28, for a total value of $667,583.84. Following the transaction, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at $1,154,337.92. This represents a 36.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Laura A. Fennell sold 4,788 shares of Intuit stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total value of $2,938,012.56. Following the sale, the executive vice president now directly owns 30,010 shares of the company’s stock, valued at approximately $18,414,736.20. This trade represents a 13.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 293,014 shares of company stock valued at $188,992,187 in the last 90 days. 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.