Strategic Wealth Partners Ltd. Purchases 2,815 Shares of Intuit Inc. (NASDAQ:INTU)

Strategic Wealth Partners Ltd. grew its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 26.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 13,491 shares of the software maker’s stock after acquiring an additional 2,815 shares during the quarter. Strategic Wealth Partners Ltd.’s holdings in Intuit were worth $7,877,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in INTU. Avanza Fonder AB bought a new position in Intuit during the fourth quarter worth $230,000. Wedge Capital Management L L P NC raised its holdings in shares of Intuit by 9.1% during the fourth quarter. Wedge Capital Management L L P NC now owns 100,981 shares of the software maker’s stock valued at $63,467,000 after purchasing an additional 8,441 shares during the period. Merit Financial Group LLC boosted its position in shares of Intuit by 53.9% during the 4th quarter. Merit Financial Group LLC now owns 3,999 shares of the software maker’s stock worth $2,513,000 after purchasing an additional 1,400 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of Intuit by 2.1% in the 4th quarter. Brooklyn Investment Group now owns 2,185 shares of the software maker’s stock valued at $1,373,000 after buying an additional 45 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Intuit in the 4th quarter valued at about $58,000. 83.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on INTU shares. Redburn Atlantic assumed coverage on Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. HSBC upgraded Intuit from a “hold” rating to a “buy” rating and set a $699.00 price objective for the company in a report on Wednesday, April 23rd. Morgan Stanley cut their target price on Intuit from $730.00 to $720.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. UBS Group lifted their price target on shares of Intuit from $655.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Oppenheimer lowered their price objective on shares of Intuit from $722.00 to $642.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. One analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Intuit has an average rating of “Moderate Buy” and an average target price of $720.16.

Insiders Place Their Bets

In related 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 transaction of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. This trade represents a 27.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $3,895,059.96. Following the sale, the insider now owns 6,219,900 shares in the company, valued at $3,758,436,774. This trade 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 23,696 shares of company stock valued at $14,347,731 in the last 90 days. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Up 1.4%

INTU opened at $670.28 on Friday. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $714.78. The firm has a market capitalization of $187.38 billion, a P/E ratio of 65.08, a PEG ratio of 2.85 and a beta of 1.24. The company’s 50-day moving average is $608.44 and its 200 day moving average is $619.15. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 18th. Shareholders of record on Thursday, April 10th were paid a $1.04 dividend. The ex-dividend date was Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.62%. 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.