Daiwa Securities Group Inc. Buys 6,501 Shares of Intuit Inc. (NASDAQ:INTU)

Daiwa Securities Group Inc. raised its stake in Intuit Inc. (NASDAQ:INTU) by 9.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,869 shares of the software maker’s stock after purchasing an additional 6,501 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Intuit were worth $45,798,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB increased its holdings in Intuit by 83.2% during the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after buying an additional 268,060 shares during the last quarter. Whalen Wealth Management Inc. bought a new position in shares of Intuit in the 4th quarter valued at about $621,000. Retireful LLC acquired a new position in shares of Intuit during the 3rd quarter worth about $740,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Intuit in the 3rd quarter valued at about $56,144,000. Finally, Howe & Rusling Inc. grew its holdings in Intuit by 8.0% during the third quarter. Howe & Rusling Inc. now owns 10,857 shares of the software maker’s stock worth $6,742,000 after purchasing an additional 808 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on INTU shares. BMO Capital Markets decreased their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Morgan Stanley upgraded shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective on the stock in a report on Wednesday, February 26th. Citigroup cut their target price on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Piper Sandler reaffirmed an “overweight” rating and set a $785.00 target price (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. Finally, Jefferies Financial Group increased their price target on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $721.61.

Intuit Trading Up 0.5 %

INTU opened at $609.61 on Monday. The stock has a market capitalization of $170.42 billion, a price-to-earnings ratio of 59.19, a P/E/G ratio of 2.85 and a beta of 1.27. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a twelve month low of $553.24 and a twelve month high of $714.78. The company has a 50-day simple moving average of $602.28 and a 200 day simple moving average of $625.12.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Stockholders 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 0.68%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 73,655 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total value of $48,976,155.70. Following the sale, the insider now directly owns 6,301,286 shares of the company’s stock, valued at $4,189,977,112.84. This trade represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the transaction, the executive vice president now directly owns 489 shares of the company’s stock, valued at approximately $325,664.22. The trade was a 97.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 220,811 shares of company stock worth $142,391,012. Corporate insiders own 2.68% of the company’s stock.

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.