Westpac Banking Corp Has $17.13 Million Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Westpac Banking Corp cut its position in shares of Intuit Inc. (NASDAQ:INTU) by 6.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,252 shares of the software maker’s stock after selling 1,997 shares during the period. Intuit makes up 1.1% of Westpac Banking Corp’s portfolio, making the stock its 10th largest holding. Westpac Banking Corp’s holdings in Intuit were worth $17,128,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Intuit by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock valued at $16,991,696,000 after buying an additional 353,185 shares during the last quarter. State Street Corp grew its position in Intuit by 1.8% in the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after acquiring an additional 221,885 shares during the last quarter. Geode Capital Management LLC increased its stake in Intuit by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock worth $3,833,720,000 after purchasing an additional 132,384 shares during the period. Wellington Management Group LLP lifted its position in shares of Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock worth $3,329,115,000 after purchasing an additional 620,559 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Intuit during the fourth quarter valued at $2,290,419,000. 83.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on INTU. BNP Paribas lowered shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a report on Wednesday, January 15th. Morgan Stanley raised shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price target for the company in a research note on Wednesday, February 26th. BMO Capital Markets dropped their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Jefferies Financial Group decreased their target price on Intuit from $800.00 to $735.00 and set a “buy” rating for the company in a research report on Monday. Finally, Citigroup dropped their price target on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $718.00.

Intuit Stock Performance

Shares of INTU stock opened at $620.91 on Thursday. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78. The business’s fifty day simple moving average is $596.37 and its 200-day simple moving average is $621.71. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The company has a market cap of $173.58 billion, a PE ratio of 60.28, a PEG ratio of 2.85 and a beta of 1.27.

Intuit Announces Dividend

The firm 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 dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.67%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio is currently 38.81%.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 363 shares of the firm’s 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 of the company’s stock, valued at approximately $11,941.50. This trade represents a 95.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $3,895,059.96. Following the sale, the insider now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,334 shares of company stock worth $19,064,325. 2.68% of the stock is owned by insiders.

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.