Lord Abbett & CO. LLC Boosts Stock Position in Intuit Inc. (NASDAQ:INTU)

Lord Abbett & CO. LLC boosted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 12.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,589 shares of the software maker’s stock after acquiring an additional 181 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Intuit were worth $999,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on INTU shares. Redburn Atlantic began coverage on Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Citigroup reduced their target price on Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target on the stock. in a research note on Wednesday, January 15th. Mizuho raised their price objective on shares of Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Finally, HSBC upgraded shares of Intuit from a “hold” rating to a “buy” rating and set a $699.00 target price on the stock in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and an average target price of $717.53.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 6,446 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the transaction, the insider now owns 6,219,900 shares of the company’s stock, valued at $3,758,436,774. This represents a 0.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Laura A. Fennell sold 8,163 shares of Intuit stock in a transaction on Monday, March 24th. The shares were sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. This represents a 27.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,696 shares of company stock worth $14,347,731. 2.68% of the stock is owned by insiders.

Intuit Trading Up 1.5 %

Shares of INTU stock opened at $624.12 on Monday. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $714.78. The company has a market capitalization of $174.48 billion, a price-to-earnings ratio of 60.59, a PEG ratio of 2.85 and a beta of 1.25. The firm has a 50-day moving average price of $593.48 and a 200 day moving average price of $616.08. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 18th. Investors of record on Thursday, April 10th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.67%. The ex-dividend date was Thursday, April 10th. Intuit’s payout ratio is 38.81%.

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.