Pitcairn Co. Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

Pitcairn Co. decreased its position in Intuit Inc. (NASDAQ:INTU) by 12.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,223 shares of the software maker’s stock after selling 1,928 shares during the period. Pitcairn Co.’s holdings in Intuit were worth $8,311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of INTU. R Squared Ltd acquired a new position in Intuit in the 4th quarter worth approximately $25,000. NewSquare Capital LLC raised its holdings in Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares during the period. Heck Capital Advisors LLC acquired a new stake in shares of Intuit in the fourth quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Intuit in the 4th quarter valued at $28,000. Finally, Summit Securities Group LLC acquired a new position in shares of Intuit during the 4th quarter worth approximately $28,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INTU has been the subject of several recent analyst reports. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. BMO Capital Markets lowered their price objective on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Scotiabank cut their target price on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Citigroup lowered their price target on Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Finally, Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective for the company in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $718.00.

Intuit Stock Performance

NASDAQ:INTU 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. 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 business’s fifty day moving average price is $596.37 and its 200 day moving average price is $621.71. 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 announced a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s payout ratio is 38.81%.

Insider Buying and Selling

In related news, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the completion of the sale, the chief accounting officer now directly owns 1,864 shares of the company’s stock, valued at $1,154,337.92. The trade was a 36.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Laura A. Fennell sold 8,163 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the transaction, the executive vice president now owns 21,882 shares of the company’s stock, valued at $13,401,849.72. This represents a 27.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,334 shares of company stock worth $19,064,325 over the last 90 days. 2.68% of the stock is owned by insiders.

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.