CIBC Private Wealth Group LLC Sells 3,623 Shares of Intuit Inc. (NASDAQ:INTU)

CIBC Private Wealth Group LLC reduced its stake in Intuit Inc. (NASDAQ:INTU) by 2.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 161,417 shares of the software maker’s stock after selling 3,623 shares during the period. CIBC Private Wealth Group LLC’s holdings in Intuit were worth $101,055,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the stock. Quantbot Technologies LP raised its stake in shares of Intuit by 1,027.3% in the third quarter. Quantbot Technologies LP now owns 124 shares of the software maker’s stock valued at $77,000 after buying an additional 113 shares during the period. Edgestream Partners L.P. increased its holdings in Intuit by 242.5% in the 3rd quarter. Edgestream Partners L.P. now owns 1,627 shares of the software maker’s stock worth $1,010,000 after acquiring an additional 1,152 shares during the last quarter. Erste Asset Management GmbH bought a new stake in Intuit in the 3rd quarter valued at about $47,265,000. FSA Wealth Management LLC purchased a new stake in Intuit during the third quarter valued at about $1,305,000. Finally, Point72 Hong Kong Ltd bought a new position in Intuit during the third quarter worth about $26,065,000. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Intuit stock opened at $598.92 on Monday. Intuit Inc. has a fifty-two week low of $553.24 and a fifty-two week 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. The stock has a market cap of $167.44 billion, a P/E ratio of 58.15, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The firm’s fifty day moving average price is $595.90 and its 200-day moving average price is $622.23.

Intuit Announces Dividend

The company also recently declared 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. This represents a $4.16 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is currently 38.81%.

Insider Transactions at Intuit

In other Intuit news, CEO Sasan K. Goodarzi sold 26,562 shares of Intuit stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $625.89, for a total transaction of $16,624,890.18. Following the transaction, the chief executive officer now directly owns 37,869 shares of the company’s stock, valued at approximately $23,701,828.41. This trade represents a 41.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Scott D. Cook sold 6,446 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 6,219,900 shares of the company’s stock, valued at $3,758,436,774. This trade represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 132,896 shares of company stock worth $82,946,716. 2.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on INTU. Redburn Atlantic began coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. BMO Capital Markets lowered their target price on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price target for the company in a report on Wednesday, February 26th. Scotiabank reduced their price target on Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Finally, Citigroup cut their target price on Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $721.61.

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.