Taikang Asset Management Hong Kong Co Ltd Lowers Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Taikang Asset Management Hong Kong Co Ltd lessened its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 57.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,128 shares of the software maker’s stock after selling 12,160 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd’s holdings in Intuit were worth $5,737,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Intuit by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after buying an additional 353,185 shares during the period. State Street Corp increased its stake in shares of Intuit by 1.8% during the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after acquiring an additional 221,885 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Intuit by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock worth $3,701,762,000 after acquiring an additional 80,463 shares during the period. Fisher Asset Management LLC boosted its position in shares of Intuit by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock worth $2,376,984,000 after acquiring an additional 107,482 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Intuit by 3.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker’s stock valued at $1,499,744,000 after purchasing an additional 88,487 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Performance

NASDAQ:INTU opened at $613.09 on Tuesday. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78. The stock has a market cap of $171.40 billion, a P/E ratio of 59.52, a PEG ratio of 2.85 and a beta of 1.27. 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 firm has a 50-day moving average of $596.08 and a two-hundred day moving average of $622.74.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on INTU shares. BNP Paribas downgraded shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target on the stock. in a research note on Wednesday, January 15th. Citigroup cut their target price on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Redburn Atlantic began coverage on Intuit in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Scotiabank cut their price objective on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Finally, Piper Sandler reiterated an “overweight” rating and set a $785.00 target price (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $721.61.

Insiders Place Their Bets

In related news, CEO Sasan K. Goodarzi sold 75,000 shares of Intuit stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $630.10, for a total value of $47,257,500.00. Following the completion of the sale, the chief executive officer now owns 35,776 shares in the company, valued at approximately $22,542,457.60. The trade was a 67.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark P. Notarainni sold 363 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total transaction of $228,145.50. Following the completion of the sale, the executive vice president now directly owns 19 shares in the company, valued at $11,941.50. This represents a 95.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 124,733 shares of company stock worth $77,947,205 in the last three months. 2.68% of the stock is owned by insiders.

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.