Cresset Asset Management LLC Sells 39,094 Shares of Intuit Inc. (NASDAQ:INTU)

Cresset Asset Management LLC lessened its stake in shares of Intuit Inc. (NASDAQ:INTU) by 56.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,433 shares of the software maker’s stock after selling 39,094 shares during the quarter. Cresset Asset Management LLC’s holdings in Intuit were worth $19,127,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Crestline Management LP increased its holdings in shares of Intuit by 30.0% during the fourth quarter. Crestline Management LP now owns 6,448 shares of the software maker’s stock worth $4,053,000 after buying an additional 1,488 shares in the last quarter. Capitolis Liquid Global Markets LLC bought a new stake in Intuit during the 4th quarter worth about $109,988,000. Cetera Investment Advisers increased its position in Intuit by 2.2% in the 4th quarter. Cetera Investment Advisers now owns 47,840 shares of the software maker’s stock valued at $30,067,000 after acquiring an additional 1,039 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in shares of Intuit in the fourth quarter worth about $13,394,000. Finally, Castlekeep Investment Advisors LLC acquired a new position in shares of Intuit during the fourth quarter worth approximately $5,135,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity at Intuit

In other news, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the sale, the executive vice president now 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 SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the completion of the transaction, the insider now directly owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. This trade represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,696 shares of company stock valued at $14,347,731. 2.68% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research report on Tuesday, April 29th. Oppenheimer cut their target price on shares of Intuit from $722.00 to $642.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. BMO Capital Markets lowered their target price on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Citigroup cut their price target on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Finally, Scotiabank raised Intuit from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $717.53.

Intuit Price Performance

Shares of NASDAQ INTU opened at $626.55 on Wednesday. The company has a fifty day moving average price of $599.61 and a 200 day moving average price of $616.66. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $714.78. The firm has a market cap of $175.16 billion, a PE ratio of 60.83, a PEG ratio of 2.85 and a beta of 1.24. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 18th. Investors of record on Thursday, April 10th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.66%. Intuit’s payout ratio is presently 38.81%.

Intuit Company Profile

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.