Intuit Inc. (NASDAQ:INTU) Shares Purchased by New Millennium Group LLC

New Millennium Group LLC boosted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 338.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,675 shares of the software maker’s stock after acquiring an additional 2,065 shares during the period. Intuit comprises 1.0% of New Millennium Group LLC’s portfolio, making the stock its 25th largest holding. New Millennium Group LLC’s holdings in Intuit were worth $1,681,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in Intuit during the 2nd quarter worth about $12,334,000. Czech National Bank grew its stake in Intuit by 6.7% in the 3rd quarter. Czech National Bank now owns 56,946 shares of the software maker’s stock worth $35,363,000 after acquiring an additional 3,594 shares during the period. Unique Wealth LLC raised its holdings in Intuit by 18.9% in the 3rd quarter. Unique Wealth LLC now owns 3,693 shares of the software maker’s stock valued at $2,293,000 after acquiring an additional 587 shares during the last quarter. Rockland Trust Co. grew its position in shares of Intuit by 1.6% in the third quarter. Rockland Trust Co. now owns 35,282 shares of the software maker’s stock valued at $21,910,000 after purchasing an additional 539 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Intuit by 0.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 303,931 shares of the software maker’s stock worth $188,741,000 after acquiring an additional 2,060 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research note on Wednesday, January 15th. Morgan Stanley boosted their target price on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Stifel Nicolaus reduced their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Scotiabank started coverage on Intuit in a report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. 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 MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $726.53.

Insiders Place Their Bets

In other news, EVP Laura A. Fennell sold 4,788 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total value of $2,938,012.56. Following the completion of the sale, the executive vice president now directly owns 30,010 shares of the company’s stock, valued at approximately $18,414,736.20. This represents a 13.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at $1,154,337.92. This represents a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 293,014 shares of company stock valued at $188,992,187 in the last three months. Insiders own 2.68% of the company’s stock.

Intuit Price Performance

INTU opened at $601.51 on Friday. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $168.37 billion, a P/E ratio of 58.40, a PEG ratio of 2.92 and a beta of 1.25. The stock has a fifty day moving average of $631.72 and a 200-day moving average of $634.06.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.14. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.14 EPS. Equities analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were given a dividend of $1.04 per share. The ex-dividend date was Friday, January 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.69%. Intuit’s payout ratio is 40.39%.

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.