Intuit Inc. (NASDAQ:INTU) Shares Acquired by Arete Wealth Advisors LLC

Arete Wealth Advisors LLC boosted its position in Intuit Inc. (NASDAQ:INTU) by 73.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 934 shares of the software maker’s stock after acquiring an additional 394 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Intuit were worth $587,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Intuit by 83.2% in the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after buying an additional 268,060 shares in the last quarter. Whalen Wealth Management Inc. acquired a new position in shares of Intuit during the 4th quarter worth $621,000. Beacon Investment Advisory Services Inc. grew its stake in shares of Intuit by 3.8% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker’s stock worth $27,223,000 after purchasing an additional 1,602 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Intuit by 2.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock valued at $107,854,000 after purchasing an additional 3,648 shares in the last quarter. Finally, Douglas Lane & Associates LLC lifted its stake in shares of Intuit by 109.9% in the fourth quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker’s stock valued at $15,502,000 after purchasing an additional 12,916 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

INTU has been the topic of several recent analyst reports. Piper Sandler restated an “overweight” rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target for the company. in a research report on Wednesday, January 15th. BMO Capital Markets decreased their price objective on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Jefferies Financial Group dropped their target price on shares of Intuit from $800.00 to $735.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, Scotiabank reduced their target price on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $718.00.

Insider Buying and Selling

In other news, EVP Laura A. Fennell sold 4,788 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 30,010 shares in the company, valued at $18,414,736.20. This represents a 13.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total value of $1,021,200.00. Following the completion of the transaction, the director now directly owns 8 shares in the company, valued at $4,800. This trade represents a 99.53 % decrease in their ownership of the stock. 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. Insiders own 2.68% of the company’s stock.

Intuit Stock Down 6.2 %

INTU opened at $561.53 on Friday. Intuit Inc. has a 12 month low of $553.24 and a 12 month high of $714.78. The business has a 50-day moving average of $595.64 and a two-hundred day moving average of $620.79. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $156.98 billion, a price-to-earnings ratio of 54.52, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is 38.81%.

Intuit 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.