Jennison Associates LLC Sells 2,708 Shares of Intuit Inc. (NASDAQ:INTU)

Jennison Associates LLC lessened its stake in shares of Intuit Inc. (NASDAQ:INTU) by 53.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,400 shares of the software maker’s stock after selling 2,708 shares during the period. Jennison Associates LLC’s holdings in Intuit were worth $1,508,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new stake in Intuit during the 4th quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new stake in Intuit during the 3rd quarter valued at $27,000. Heck Capital Advisors LLC purchased a new stake in Intuit during the 4th quarter valued at $28,000. Sugar Maple Asset Management LLC purchased a new stake in Intuit during the 4th quarter valued at $29,000. Finally, Denver PWM LLC purchased a new stake in Intuit during the 3rd quarter valued at $32,000. Institutional investors own 83.66% of the company’s stock.

Insider Transactions at Intuit

In other news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $641.82, for a total value of $48,136,500.00. Following the sale, the insider now directly owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. The trade was a 1.16 % 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, EVP Alex G. Balazs sold 23,810 shares of Intuit stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the completion of the sale, the executive vice president now directly owns 489 shares in the company, valued at $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 293,014 shares of company stock valued at $188,992,187. 2.68% of the stock is currently owned by insiders.

Intuit Price Performance

NASDAQ:INTU opened at $590.20 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The business’s 50-day simple moving average is $628.37 and its two-hundred day simple moving average is $632.37. The stock has a market cap of $165.21 billion, a PE ratio of 57.30, a P/E/G ratio of 2.96 and a beta of 1.25. Intuit Inc. has a 52 week low of $557.29 and a 52 week high of $714.78.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $1.14 earnings per share. As a group, analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were issued a $1.04 dividend. The ex-dividend date was Friday, January 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.70%. Intuit’s dividend payout ratio (DPR) is 40.39%.

Analyst Upgrades and Downgrades

INTU has been the topic of several recent analyst reports. Jefferies Financial Group increased their target price on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Piper Sandler reiterated an “overweight” rating and set a $765.00 target price on shares of Intuit in a research note on Friday, January 10th. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a research note on Wednesday, January 15th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Scotiabank began coverage on Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $726.53.

Intuit Company 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.