Norges Bank Makes New $2.29 Billion Investment in Intuit Inc. (NASDAQ:INTU)

Norges Bank acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,644,262 shares of the software maker’s stock, valued at approximately $2,290,419,000. Norges Bank owned approximately 1.30% of Intuit as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Brown Financial Advisors grew its holdings in shares of Intuit by 0.9% during the 3rd quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock worth $1,018,000 after purchasing an additional 15 shares in the last quarter. True North Advisors LLC boosted its stake in Intuit by 4.3% during the fourth quarter. True North Advisors LLC now owns 409 shares of the software maker’s stock worth $257,000 after buying an additional 17 shares in the last quarter. Great Diamond Partners LLC lifted its stake in Intuit by 2.8% during the fourth quarter. Great Diamond Partners LLC now owns 627 shares of the software maker’s stock worth $394,000 after purchasing an additional 17 shares during the period. RB Capital Management LLC boosted its holdings in Intuit by 0.6% during the third quarter. RB Capital Management LLC now owns 3,169 shares of the software maker’s stock valued at $1,968,000 after purchasing an additional 18 shares in the last quarter. Finally, Pacifica Partners Inc. raised its holdings in shares of Intuit by 27.7% in the 4th quarter. Pacifica Partners Inc. now owns 83 shares of the software maker’s stock worth $52,000 after buying an additional 18 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on INTU. Mizuho boosted their target price on shares of Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Citigroup reduced their target price on shares of Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Piper Sandler reaffirmed an “overweight” rating and set a $785.00 price objective (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. BMO Capital Markets dropped their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Finally, StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Intuit has an average rating of “Moderate Buy” and a consensus target price of $721.61.

Insider Buying and Selling

In related news, EVP Laura A. Fennell sold 8,163 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the transaction, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. This represents a 27.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the business’s 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 sale, the insider now directly owns 6,219,900 shares of the company’s stock, valued at $3,758,436,774. This represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 132,896 shares of company stock valued at $82,946,716 over the last ninety days. 2.68% of the stock is owned by company insiders.

Intuit Stock Performance

NASDAQ:INTU opened at $614.86 on Thursday. The stock’s 50-day moving average is $595.84 and its 200-day moving average is $622.71. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78. The stock has a market cap of $171.89 billion, a P/E ratio of 59.70, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. Intuit’s dividend payout ratio (DPR) 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.