110,365 Shares in Intuit Inc. (NASDAQ:INTU) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new position in shares of Intuit Inc. (NASDAQ:INTU) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 110,365 shares of the software maker’s stock, valued at approximately $69,364,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC boosted its position in shares of Intuit by 112,233.1% in the fourth quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock valued at $668,595,000 after acquiring an additional 1,062,847 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Intuit in the fourth quarter valued at about $300,854,000. Holocene Advisors LP boosted its position in shares of Intuit by 99.6% in the third quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock valued at $388,487,000 after acquiring an additional 312,212 shares during the period. Nordea Investment Management AB boosted its position in shares of Intuit by 83.2% in the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after acquiring an additional 268,060 shares during the period. Finally, Sustainable Growth Advisers LP boosted its position in shares of Intuit by 20.7% in the fourth quarter. Sustainable Growth Advisers LP now owns 1,429,346 shares of the software maker’s stock valued at $898,344,000 after acquiring an additional 245,372 shares during the period. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of recent research reports. Piper Sandler reissued an “overweight” rating and issued a $785.00 target price (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Oppenheimer upped their price objective on shares of Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a research note on Wednesday, February 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and an average target price of $721.61.

Insiders Place Their Bets

In other Intuit news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 8 shares in the company, valued at approximately $4,800. This represents a 99.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott D. Cook sold 6,446 shares of the 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 owns 6,219,900 shares in the company, valued at $3,758,436,774. The trade was a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,348 shares of company stock worth $73,515,245. Corporate insiders own 2.68% of the company’s stock.

Intuit Stock Performance

NASDAQ:INTU opened at $604.04 on Friday. The company has a market capitalization of $168.87 billion, a PE ratio of 58.64, a P/E/G ratio of 2.85 and a beta of 1.27. The company has a 50 day simple moving average of $596.08 and a two-hundred day simple moving average of $622.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a fifty-two week low of $553.24 and a fifty-two week high of $714.78.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date is Thursday, April 10th. Intuit’s payout ratio is 38.81%.

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.