Pinebridge Investments L.P. Trims Position in Intuit Inc. (NASDAQ:INTU)

Pinebridge Investments L.P. lowered its stake in Intuit Inc. (NASDAQ:INTU) by 41.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 39,335 shares of the software maker’s stock after selling 28,086 shares during the quarter. Pinebridge Investments L.P.’s holdings in Intuit were worth $24,722,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in INTU. R Squared Ltd bought a new position in Intuit in the fourth quarter worth about $25,000. NewSquare Capital LLC lifted its stake in shares of Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares during the period. Summit Securities Group LLC bought a new stake in shares of Intuit during the fourth quarter valued at approximately $28,000. Heck Capital Advisors LLC purchased a new stake in Intuit in the fourth quarter worth $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in Intuit in the fourth quarter worth $28,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Up 2.1 %

Shares of INTU stock opened at $596.05 on Thursday. 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 company’s fifty day moving average price is $592.04 and its 200-day moving average price is $615.98. The company has a market capitalization of $166.63 billion, a price-to-earnings ratio of 57.87, a PEG ratio of 2.85 and a beta of 1.25. Intuit Inc. has a one year low of $532.65 and a one year high of $714.78.

Intuit Announces Dividend

The firm also recently declared 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 0.70%. Intuit’s payout ratio is 38.81%.

Insider Buying and Selling at Intuit

In other news, EVP Laura A. Fennell sold 8,163 shares of Intuit stock in a transaction dated 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 directly owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. The trade was a 27.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eve B. Burton sold 1,702 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total value of $1,021,200.00. Following the transaction, the director now directly owns 8 shares of the company’s stock, valued at approximately $4,800. The trade was a 99.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,696 shares of company stock valued at $14,347,731 in the last three months. 2.68% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on INTU. BNP Paribas lowered shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target for the company. in a research note on Wednesday, January 15th. Citigroup lowered their target price on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Mizuho upped their price target on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Oppenheimer lowered their price objective on Intuit from $722.00 to $642.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Finally, Scotiabank raised Intuit from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $717.53.

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.