Commonwealth Equity Services LLC Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

Commonwealth Equity Services LLC trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 3.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,518 shares of the software maker’s stock after selling 1,696 shares during the period. Commonwealth Equity Services LLC’s holdings in Intuit were worth $26,723,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of INTU. Kovack Advisors Inc. raised its stake in shares of Intuit by 4.8% during the 3rd quarter. Kovack Advisors Inc. now owns 393 shares of the software maker’s stock worth $244,000 after buying an additional 18 shares in the last quarter. Impax Asset Management Group plc increased its stake in Intuit by 27.2% in the 3rd quarter. Impax Asset Management Group plc now owns 22,248 shares of the software maker’s stock valued at $13,816,000 after purchasing an additional 4,759 shares in the last quarter. Signature Estate & Investment Advisors LLC increased its stake in Intuit by 2.1% in the 3rd quarter. Signature Estate & Investment Advisors LLC now owns 1,390 shares of the software maker’s stock valued at $863,000 after purchasing an additional 28 shares in the last quarter. Mizuho Securities USA LLC increased its stake in Intuit by 6.6% in the 3rd quarter. Mizuho Securities USA LLC now owns 23,001 shares of the software maker’s stock valued at $14,284,000 after purchasing an additional 1,414 shares in the last quarter. Finally, Natixis Advisors LLC increased its stake in Intuit by 5.2% in the 3rd quarter. Natixis Advisors LLC now owns 404,536 shares of the software maker’s stock valued at $251,216,000 after purchasing an additional 19,854 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Price Performance

Shares of Intuit stock opened at $598.80 on Friday. Intuit Inc. has a twelve month low of $553.24 and a twelve month high of $714.78. The stock has a market capitalization of $167.40 billion, a P/E ratio of 58.14, a PEG ratio of 2.85 and a beta of 1.27. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The business’s fifty day moving average price is $598.23 and its 200 day moving average price is $623.61.

Intuit Announces Dividend

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 issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s payout ratio is currently 38.81%.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark P. Notarainni sold 363 shares of Intuit stock in a transaction on Friday, January 3rd. The shares were 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 owns 19 shares in the company, valued at $11,941.50. The trade was a 95.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,301 shares of company stock worth $121,470,200. 2.68% of the stock is owned by insiders.

Analyst Ratings Changes

INTU has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $760.00 price objective on shares of Intuit in a research note on Friday, November 22nd. JPMorgan Chase & Co. raised Intuit from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $640.00 to $660.00 in a research note on Wednesday, March 5th. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a research note on Wednesday, January 15th. Barclays lowered their target price on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Finally, StockNews.com cut Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $721.61.

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.