Phoenix Financial Ltd. Lowers Stake in Intuit Inc. (NASDAQ:INTU)

by · The Cerbat Gem

Phoenix Financial Ltd. decreased its position in Intuit Inc. (NASDAQ:INTU – Free Report) by 51.9% during the fourth quarter, Holdings Channel reports. The firm owned 4,851 shares of the software maker’s stock after selling 5,227 shares during the quarter. Phoenix Financial Ltd.’s holdings in Intuit were worth $3,049,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in Intuit by 83.2% during the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after acquiring an additional 268,060 shares in the last quarter. Whalen Wealth Management Inc. acquired a new stake in shares of Intuit during the fourth quarter worth about $621,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Intuit by 2.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock valued at $107,854,000 after purchasing an additional 3,648 shares during the period. Beacon Investment Advisory Services Inc. grew its holdings in shares of Intuit by 3.8% in the fourth quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker’s stock valued at $27,223,000 after purchasing an additional 1,602 shares in the last quarter. Finally, Douglas Lane & Associates LLC increased its stake in Intuit by 109.9% during the 4th quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker’s stock worth $15,502,000 after buying an additional 12,916 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity at Intuit

In related news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares of the company’s stock, valued at $4,800. This trade represents a 99.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction on Friday, February 28th. The shares were sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the completion of the transaction, the insider now owns 6,219,900 shares in the company, valued at approximately $3,758,436,774. This trade represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,696 shares of company stock worth $14,347,731 in the last 90 days. 2.68% of the stock is owned by insiders.

Analyst Ratings Changes

INTU has been the subject of several recent research reports. Redburn Atlantic began coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. Piper Sandler reissued an “overweight” rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Scotiabank decreased their price objective on Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. Finally, BMO Capital Markets cut their target price on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $718.00.

Get Our Latest Stock Analysis on Intuit

Intuit Trading Down 3.2 %

NASDAQ:INTU opened at $577.47 on Friday. The company has a market capitalization of $161.44 billion, a PE ratio of 56.07, a P/E/G ratio of 2.85 and a beta of 1.25. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $714.78. The stock’s 50 day moving average price is $591.80 and its 200 day moving average price is $617.88. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be issued 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 0.72%. Intuit’s payout ratio is 38.81%.

Intuit Company Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU – Free Report).