Nutshell Asset Management Ltd Purchases New Position in Intuit Inc. (NASDAQ:INTU)

Nutshell Asset Management Ltd acquired a new position in Intuit Inc. (NASDAQ:INTU) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,450 shares of the software maker’s stock, valued at approximately $1,540,000. Intuit comprises 1.0% of Nutshell Asset Management Ltd’s investment portfolio, making the stock its 25th biggest holding.

A number of other large investors also recently modified their holdings of INTU. Vanguard Group Inc. boosted its holdings in Intuit by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after acquiring an additional 353,185 shares during the last quarter. Geode Capital Management LLC increased its stake in Intuit by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock valued at $3,833,720,000 after buying an additional 132,384 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Intuit by 13.3% during the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the last quarter. Norges Bank purchased a new stake in Intuit in the fourth quarter worth $2,290,419,000. Finally, Bank of New York Mellon Corp lifted its holdings in Intuit by 3.9% during the fourth quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker’s stock valued at $1,499,744,000 after purchasing an additional 88,487 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In related news, EVP Laura A. Fennell sold 4,788 shares of Intuit stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the sale, the executive vice president now owns 30,010 shares of the company’s stock, valued at approximately $18,414,736.20. This trade represents a 13.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott D. Cook sold 6,446 shares of the company’s 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 transaction, the insider now owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. This represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,862 shares of company stock valued at $18,767,673. Company insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on INTU. Citigroup lowered their price target on shares of Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Scotiabank cut their price target on Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a report 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, JPMorgan Chase & Co. upgraded Intuit from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $640.00 to $660.00 in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Intuit currently has an average rating of “Moderate Buy” and an average target price of $718.00.

Intuit Price Performance

INTU opened at $561.53 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a 52-week low of $553.24 and a 52-week high of $714.78. The stock has a market capitalization of $156.98 billion, a P/E ratio of 54.52, a P/E/G ratio of 2.85 and a beta of 1.27. The company’s 50-day simple moving average is $595.64 and its two-hundred day simple moving average is $620.96.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be issued a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.74%. Intuit’s dividend payout ratio is currently 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.