Great Lakes Retirement Inc. Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

Great Lakes Retirement Inc. trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 6.6% in the fourth quarter, HoldingsChannel reports. The firm owned 977 shares of the software maker’s stock after selling 69 shares during the period. Great Lakes Retirement Inc.’s holdings in Intuit were worth $614,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Nordea Investment Management AB increased its stake in shares of Intuit by 83.2% during the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after purchasing an additional 268,060 shares in the last quarter. Whalen Wealth Management Inc. purchased a new position in shares of Intuit during the 4th quarter worth approximately $621,000. Harvest Portfolios Group Inc. grew its stake in Intuit by 5.4% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after acquiring an additional 1,853 shares during the period. Retireful LLC purchased a new stake in Intuit in the 3rd quarter worth approximately $740,000. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Intuit in the 3rd quarter worth approximately $56,144,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 109 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total value of $68,506.50. Following the transaction, the chief financial officer now owns 1,944 shares in the company, valued at $1,221,804. The trade was a 5.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the completion of the transaction, the executive vice president now owns 489 shares in the company, valued at $325,664.22. This represents a 97.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293,014 shares of company stock worth $188,992,187. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Performance

NASDAQ:INTU opened at $576.54 on Thursday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $161.39 billion, a price-to-earnings ratio of 55.97, a PEG ratio of 2.91 and a beta of 1.24. The firm’s fifty day simple moving average is $624.25 and its 200 day simple moving average is $631.05. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78.

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

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.72%. Intuit’s payout ratio is 40.39%.

Analysts Set New Price Targets

Several analysts have commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Stifel Nicolaus lowered their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price for the company. in a research note on Wednesday, January 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $765.00 target price on shares of Intuit in a research note on Friday, January 10th. Finally, Jefferies Financial Group lifted their target price on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.