Assetmark Inc. Raises Position in Intuit Inc. (NASDAQ:INTU)

Assetmark Inc. lifted its stake in Intuit Inc. (NASDAQ:INTU) by 8.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 67,093 shares of the software maker’s stock after acquiring an additional 4,998 shares during the quarter. Assetmark Inc.’s holdings in Intuit were worth $42,168,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of INTU. Janney Montgomery Scott LLC boosted its position in shares of Intuit by 0.8% in the third quarter. Janney Montgomery Scott LLC now owns 31,405 shares of the software maker’s stock worth $19,503,000 after buying an additional 242 shares during the period. Impax Asset Management Group plc boosted its position in shares of Intuit by 27.2% in the third quarter. Impax Asset Management Group plc now owns 22,248 shares of the software maker’s stock worth $13,816,000 after buying an additional 4,759 shares during the period. Pittenger & Anderson Inc. boosted its position in shares of Intuit by 20.1% in the third quarter. Pittenger & Anderson Inc. now owns 3,741 shares of the software maker’s stock worth $2,323,000 after buying an additional 625 shares during the period. Crestwood Advisors Group LLC boosted its holdings in Intuit by 5.7% in the third quarter. Crestwood Advisors Group LLC now owns 1,663 shares of the software maker’s stock valued at $1,032,000 after purchasing an additional 90 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC boosted its holdings in Intuit by 36.1% in the third quarter. Avidian Wealth Enterprises LLC now owns 667 shares of the software maker’s stock valued at $414,000 after purchasing an additional 177 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 3.3 %

Shares of INTU opened at $617.51 on Thursday. The stock has a fifty day moving average price of $603.65 and a two-hundred day moving average price of $626.24. 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 Inc. has a 52-week low of $553.24 and a 52-week high of $714.78. The company has a market cap of $172.63 billion, a price-to-earnings ratio of 59.95, a PEG ratio of 2.85 and a beta of 1.24.

Intuit Announces Dividend

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

Wall Street Analyst Weigh In

INTU has been the subject of a number of analyst reports. Oppenheimer increased their price target on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Barclays reduced their price target on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Redburn Atlantic initiated coverage on Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 price target on shares of Intuit in a report on Friday, November 22nd. Finally, StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a report on Monday. One equities research 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, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $721.61.

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 6,446 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $604.26, for a total value of $3,895,059.96. Following the completion of the sale, the insider now owns 6,219,900 shares in the company, valued at approximately $3,758,436,774. This represents a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sasan K. Goodarzi sold 75,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 35,776 shares of the company’s stock, 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 220,811 shares of company stock worth $142,391,012 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.