Rench Wealth Management Inc. Lowers Holdings in Intuit Inc. (NASDAQ:INTU)

Rench Wealth Management Inc. reduced its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,699 shares of the software maker’s stock after selling 294 shares during the period. Intuit makes up 1.7% of Rench Wealth Management Inc.’s portfolio, making the stock its 25th biggest holding. Rench Wealth Management Inc.’s holdings in Intuit were worth $4,839,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in INTU. R Squared Ltd bought a new position in Intuit in the 4th quarter worth about $25,000. NewSquare Capital LLC increased its position in shares of Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Intuit in the fourth quarter valued at approximately $28,000. Heck Capital Advisors LLC bought a new stake in Intuit during the fourth quarter valued at approximately $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Intuit in the 4th quarter worth approximately $28,000. Institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Marianna Tessel sold 7,385 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $600.13, for a total value of $4,431,960.05. Following the sale, the executive vice president now directly owns 40,190 shares of the company’s stock, valued at $24,119,224.70. This represents a 15.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Laura A. Fennell sold 8,163 shares of Intuit stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the transaction, 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 23,696 shares of company stock worth $14,347,731. Company insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $785.00 price objective (up from $765.00) on shares of Intuit in a report on Wednesday, February 26th. JPMorgan Chase & Co. raised Intuit from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $640.00 to $660.00 in a research note on Wednesday, March 5th. BNP Paribas lowered Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research report on Wednesday, January 15th. Mizuho boosted their target price on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Finally, Citigroup reduced 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $713.56.

Intuit Trading Up 1.1 %

NASDAQ:INTU opened at $593.55 on Tuesday. The company has a 50-day moving average price of $591.81 and a 200-day moving average price of $617.24. The stock has a market cap of $165.93 billion, a price-to-earnings ratio of 57.63, a P/E/G ratio of 2.85 and a beta of 1.25. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $714.78.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.70%. Intuit’s payout ratio 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.