Edgewood Management LLC Has $1.48 Billion Stock Position in Intuit Inc. (NASDAQ:INTU)

Edgewood Management LLC lessened its stake in Intuit Inc. (NASDAQ:INTU) by 7.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,353,356 shares of the software maker’s stock after selling 189,472 shares during the quarter. Intuit comprises approximately 4.2% of Edgewood Management LLC’s investment portfolio, making the stock its 12th biggest holding. Edgewood Management LLC’s holdings in Intuit were worth $1,479,084,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of INTU. Vanguard Group Inc. increased its holdings in shares of Intuit by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock valued at $16,991,696,000 after purchasing an additional 353,185 shares in the last quarter. Geode Capital Management LLC boosted its position 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 stake in shares of Intuit by 13.3% in 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 buying an additional 620,559 shares during the period. Norges Bank acquired a new stake in shares of Intuit in the 4th quarter valued at $2,290,419,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of 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 acquiring an additional 88,487 shares during the period. 83.66% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Intuit news, EVP Laura A. Fennell sold 8,163 shares of the business’s 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 sale, the executive vice president now owns 21,882 shares in the company, valued at approximately $13,401,849.72. The trade was a 27.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sandeep Aujla sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $626.42, for a total transaction of $814,346.00. Following the transaction, the chief financial officer now directly owns 644 shares of the company’s stock, valued at $403,414.48. This represents a 66.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,862 shares of company stock worth $18,767,673. Corporate insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

INTU has been the subject of several recent research reports. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective for the company in a report on Wednesday, February 26th. BMO Capital Markets dropped their price target on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Mizuho increased their price objective on shares of Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $640.00 to $660.00 in a report on Wednesday, March 5th. Finally, Piper Sandler reissued an “overweight” rating and issued a $785.00 price target (up previously from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $718.00.

Intuit Stock Performance

Shares of INTU opened at $561.53 on Friday. The firm has a market cap of $156.98 billion, a P/E ratio of 54.52, a PEG ratio of 2.85 and a beta of 1.27. Intuit Inc. has a twelve month low of $553.24 and a twelve month high of $714.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The firm’s 50 day moving average price is $595.64 and its two-hundred day moving average price is $620.79.

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 paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date is Thursday, April 10th. Intuit’s payout ratio is presently 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.