Pamalican Asset Management Ltd Makes New $3.83 Million Investment in Intuit Inc. (NASDAQ:INTU)

Pamalican Asset Management Ltd bought a new position in shares of Intuit Inc. (NASDAQ:INTU) during the 4th quarter, Holdings Channel reports. The firm bought 6,100 shares of the software maker’s stock, valued at approximately $3,834,000. Intuit accounts for about 1.7% of Pamalican Asset Management Ltd’s investment portfolio, making the stock its 23rd largest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Intuit in the fourth quarter worth about $2,290,419,000. Proficio Capital Partners LLC increased its holdings in shares of 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 purchasing an additional 1,062,847 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares in the last quarter. Raymond James Financial Inc. bought a new position in Intuit in the 4th quarter worth approximately $300,854,000. Finally, Vanguard Group Inc. lifted its holdings in Intuit by 1.3% during the 4th 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 in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Intuit

In other news, EVP Laura A. Fennell sold 4,788 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total value of $2,938,012.56. Following the sale, the executive vice president now directly owns 30,010 shares in the company, valued at $18,414,736.20. The trade was a 13.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $604.26, for a total value of $3,895,059.96. Following the transaction, the insider now owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. The trade was a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,862 shares of company stock valued at $18,767,673. 2.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

INTU has been the subject of several research reports. BMO Capital Markets lowered their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Piper Sandler reiterated an “overweight” rating and issued a $785.00 price objective (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Scotiabank cut their target price on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Jefferies Financial Group lowered their price target on shares of Intuit from $800.00 to $735.00 and set a “buy” rating for the company in a research report on Monday. Finally, StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. One investment 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. According to data from MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $718.00.

Intuit Trading Down 3.6 %

NASDAQ INTU opened at $598.53 on Friday. 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 current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $167.33 billion, a P/E ratio of 58.11, a P/E/G ratio of 2.85 and a beta of 1.27. The stock’s 50-day moving average is $596.37 and its 200-day moving average is $621.54.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.70%. Intuit’s dividend payout ratio (DPR) is currently 38.81%.

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.