Perennial Investment Advisors LLC Increases Position in Intuit Inc. (NASDAQ:INTU)

Perennial Investment Advisors LLC boosted its holdings in Intuit Inc. (NASDAQ:INTU) by 9.1% in the fourth quarter, HoldingsChannel reports. The firm owned 612 shares of the software maker’s stock after purchasing an additional 51 shares during the period. Perennial Investment Advisors LLC’s holdings in Intuit were worth $385,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Intuit during the 4th quarter valued at approximately $2,290,419,000. Proficio Capital Partners LLC raised its holdings in Intuit by 112,233.1% in the fourth quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock valued at $668,595,000 after acquiring an additional 1,062,847 shares in the last quarter. Wellington Management Group LLP boosted its stake in Intuit by 13.3% during 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 acquiring an additional 620,559 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Intuit during the 4th quarter worth $300,854,000. Finally, Vanguard Group Inc. increased its position in shares of Intuit by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after purchasing an additional 353,185 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity

In other news, Director Eve B. Burton sold 1,702 shares of Intuit 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 owns 8 shares of the company’s stock, valued at $4,800. The trade was a 99.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Scott D. Cook sold 6,446 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the sale, the insider now directly owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. This represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,862 shares of company stock worth $18,767,673 over the last three months. Corporate insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

INTU has been the subject of a number of research reports. Citigroup decreased their price target on Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Mizuho boosted their price target on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Scotiabank reduced their price objective 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. Jefferies Financial Group lowered their target price on shares of Intuit from $800.00 to $735.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $640.00 to $660.00 in a report on Wednesday, March 5th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $718.00.

Intuit Price Performance

Shares of INTU opened at $561.53 on Friday. The firm 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. The stock’s fifty day moving average is $595.64 and its 200-day moving average is $620.79. Intuit Inc. has a one year low of $553.24 and a one year 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.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Stockholders 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 dividend yield of 0.74%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio is currently 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.