Resona Asset Management Co. Ltd. Purchases Shares of 85,367 Intuit Inc. (NASDAQ:INTU)

Resona Asset Management Co. Ltd. acquired a new position in Intuit Inc. (NASDAQ:INTU) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 85,367 shares of the software maker’s stock, valued at approximately $53,777,000.

Several other hedge funds have also recently made changes to their positions in the business. Norges Bank bought a new position in Intuit in the 4th quarter worth $2,290,419,000. Proficio Capital Partners LLC raised its stake in Intuit by 112,233.1% in the fourth quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock worth $668,595,000 after buying an additional 1,062,847 shares in the last quarter. Wellington Management Group LLP raised its stake in Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock worth $3,329,115,000 after buying an additional 620,559 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Intuit in the fourth quarter worth about $300,854,000. Finally, Vanguard Group Inc. boosted its position in Intuit by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock valued at $16,991,696,000 after acquiring an additional 353,185 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Laura A. Fennell sold 8,163 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the sale, the executive vice president now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now directly owns 1,864 shares of the company’s stock, valued at approximately $1,154,337.92. This trade represents a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,862 shares of company stock worth $18,767,673 over the last 90 days. Corporate insiders own 2.68% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $561.53 on Friday. The firm has a market cap of $156.98 billion, a price-to-earnings ratio of 54.52, a P/E/G ratio of 2.85 and a beta of 1.27. The firm has a fifty day moving average price of $595.64 and a 200 day moving average price of $620.96. Intuit Inc. has a fifty-two week low of $553.24 and a fifty-two week high of $714.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.74%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Wall Street Analyst Weigh In

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

Intuit 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.