Legal & General Group Plc Reduces Stake in Intuit Inc. (NASDAQ:INTU)

Legal & General Group Plc reduced its holdings in Intuit Inc. (NASDAQ:INTU) by 25.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,871,684 shares of the software maker’s stock after selling 641,159 shares during the quarter. Legal & General Group Plc’s holdings in Intuit were worth $1,176,353,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. R Squared Ltd bought a new position in Intuit in the 4th quarter worth $25,000. NewSquare Capital LLC raised its stake in Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after buying an additional 18 shares in the last quarter. Summit Securities Group LLC purchased a new stake in Intuit in the fourth quarter worth about $28,000. Heck Capital Advisors LLC bought a new position in shares of Intuit in the 4th quarter worth approximately $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Intuit in the 4th quarter valued at approximately $28,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Down 6.2 %

NASDAQ:INTU opened at $561.53 on Monday. 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 company’s fifty day moving average price is $595.64 and its 200-day moving average price is $620.70. Intuit Inc. has a 1-year low of $533.55 and a 1-year high of $714.78. The firm has a market capitalization of $156.98 billion, a P/E ratio of 54.52, a PEG ratio of 2.85 and a beta of 1.25.

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 given a $1.04 dividend. 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 0.74%. Intuit’s dividend payout ratio (DPR) is currently 38.81%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on INTU. Scotiabank reduced their target price on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Jefferies Financial Group cut their price objective on shares of Intuit from $800.00 to $735.00 and set a “buy” rating on the stock in a report on Monday, March 31st. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and raised their target price for the company from $640.00 to $660.00 in a research note on Wednesday, March 5th. BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target on the stock. in a research report on Wednesday, January 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $785.00 price objective (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. One 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 company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $718.00.

Insider Transactions at Intuit

In other Intuit news, EVP Laura A. Fennell sold 8,163 shares of the 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 transaction, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at $13,401,849.72. This trade represents a 27.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eve B. Burton sold 1,702 shares of Intuit stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total value of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares in the company, valued at $4,800. This represents a 99.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,862 shares of company stock valued at $18,767,673 in the last ninety days. 2.68% of the stock is currently owned by corporate insiders.

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.