Summit Investment Advisors Inc. Has $7.33 Million Stake in Intuit Inc. (NASDAQ:INTU)

Summit Investment Advisors Inc. lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 3.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,662 shares of the software maker’s stock after acquiring an additional 394 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Intuit were worth $7,330,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in INTU. R Squared Ltd acquired a new position in shares of Intuit in the fourth quarter valued at $25,000. NewSquare Capital LLC grew its stake in Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after buying an additional 18 shares during the last quarter. Heck Capital Advisors LLC bought a new position in Intuit in the 4th quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Intuit during the fourth quarter worth approximately $28,000. Finally, Summit Securities Group LLC bought a new stake in shares of Intuit during the fourth quarter worth approximately $28,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INTU. BMO Capital Markets lowered their target price 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 lowered their price objective on Intuit from $800.00 to $735.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Redburn Atlantic started coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $640.00 to $660.00 in a research report on Wednesday, March 5th. Finally, StockNews.com downgraded shares of 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 issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $713.56.

Intuit Stock Up 1.7 %

Shares of NASDAQ INTU opened at $587.04 on Friday. The company has a market cap of $164.11 billion, a price-to-earnings ratio of 56.99, a PEG ratio of 2.85 and a beta of 1.25. 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 12 month low of $532.65 and a 12 month high of $714.78. The stock has a 50-day moving average price of $591.70 and a two-hundred day moving average price of $617.55.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s payout ratio is 38.81%.

Insider Buying and Selling at Intuit

In related news, EVP Marianna Tessel sold 7,385 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $600.13, for a total value of $4,431,960.05. Following the completion of the transaction, the executive vice president now owns 40,190 shares in the company, valued at $24,119,224.70. This trade represents a 15.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $3,895,059.96. Following the sale, the insider now directly 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. Insiders have sold 23,696 shares of company stock worth $14,347,731 over the last quarter. Corporate insiders own 2.68% of the company’s stock.

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.