Modern Wealth Management LLC Makes New $249,000 Investment in Intuit Inc. (NASDAQ:INTU)

Modern Wealth Management LLC acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the fourth quarter, HoldingsChannel reports. The firm acquired 425 shares of the software maker’s stock, valued at approximately $249,000.

Several other large investors have also recently made changes to their positions in INTU. Quantbot Technologies LP raised its holdings in shares of Intuit by 1,027.3% during the 3rd quarter. Quantbot Technologies LP now owns 124 shares of the software maker’s stock worth $77,000 after acquiring an additional 113 shares in the last quarter. Glenmede Trust Co. NA lifted its position in Intuit by 2.4% during the third quarter. Glenmede Trust Co. NA now owns 15,647 shares of the software maker’s stock valued at $9,717,000 after purchasing an additional 361 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of Intuit by 4.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 20,071 shares of the software maker’s stock worth $12,464,000 after buying an additional 902 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Intuit by 6.9% in the 3rd quarter. Captrust Financial Advisors now owns 64,896 shares of the software maker’s stock worth $40,300,000 after buying an additional 4,184 shares during the last quarter. Finally, Eventide Asset Management LLC increased its holdings in shares of Intuit by 66.9% in the 3rd quarter. Eventide Asset Management LLC now owns 5,971 shares of the software maker’s stock worth $3,708,000 after buying an additional 2,393 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Trading Down 2.7 %

Shares of NASDAQ INTU opened at $598.92 on Friday. Intuit Inc. has a twelve month low of $553.24 and a twelve month high of $714.78. 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 has a fifty day simple moving average of $595.90 and a two-hundred day simple moving average of $622.46. The firm has a market cap of $167.44 billion, a PE ratio of 58.15, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors 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 yield of 0.69%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Morgan Stanley upgraded Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price target for the company in a research report on Wednesday, February 26th. BMO Capital Markets dropped their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Scotiabank decreased their price target on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $640.00 to $660.00 in a research note on Wednesday, March 5th. Finally, Redburn Atlantic began coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $721.61.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 6,446 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $604.26, for a total value of $3,895,059.96. Following the completion of the transaction, the insider now owns 6,219,900 shares of the company’s stock, valued at $3,758,436,774. The trade was a 0.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sasan K. Goodarzi sold 75,000 shares of the 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 sale, the chief executive officer now directly owns 35,776 shares in the company, valued at $22,542,457.60. This trade represents a 67.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 132,896 shares of company stock valued at $82,946,716 over the last three months. 2.68% of the stock is owned by company insiders.

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.