Sequoia Financial Advisors LLC Increases Stake in Intuit Inc. (NASDAQ:INTU)

Sequoia Financial Advisors LLC increased its position in Intuit Inc. (NASDAQ:INTU) by 11.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 15,136 shares of the software maker’s stock after acquiring an additional 1,607 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Intuit were worth $9,513,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Intuit by 1.8% in the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after purchasing an additional 221,885 shares during the period. Geode Capital Management LLC boosted its stake in Intuit by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock worth $3,701,762,000 after purchasing an additional 80,463 shares during the period. Fisher Asset Management LLC boosted its stake in Intuit by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock worth $2,376,984,000 after purchasing an additional 107,482 shares during the period. Bank of New York Mellon Corp boosted its stake in Intuit by 3.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker’s stock worth $1,499,744,000 after purchasing an additional 88,487 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Intuit by 4.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock worth $1,428,790,000 after purchasing an additional 87,517 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

NASDAQ:INTU opened at $591.14 on Thursday. The business has a 50 day moving average of $599.68 and a 200 day moving average of $624.06. The company has a market capitalization of $165.26 billion, a price-to-earnings ratio of 57.39, a PEG ratio of 2.85 and a beta of 1.27. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be given a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.70%. Intuit’s payout ratio is 38.81%.

Analysts Set New Price Targets

INTU has been the subject of several analyst reports. Scotiabank cut their target price 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. Redburn Atlantic initiated coverage on Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Oppenheimer raised their target price on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Piper Sandler restated an “overweight” rating and issued a $785.00 target price (up previously from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. Finally, StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $721.61.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction that occurred on 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 transaction, the insider now directly owns 6,219,900 shares of the company’s stock, valued at $3,758,436,774. The trade was a 0.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark P. Notarainni sold 363 shares of Intuit stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total value of $228,145.50. Following the completion of the transaction, the executive vice president now directly owns 19 shares in the company, valued at $11,941.50. This trade represents a 95.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 189,301 shares of company stock worth $121,470,200 in the last quarter. 2.68% of the stock is owned by insiders.

Intuit 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.