Canopy Partners LLC Makes New $246,000 Investment in Intuit Inc. (NASDAQ:INTU)

Canopy Partners LLC purchased a new position in Intuit Inc. (NASDAQ:INTU) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 391 shares of the software maker’s stock, valued at approximately $246,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. EP Wealth Advisors LLC raised its position in shares of Intuit by 79.5% during the 3rd quarter. EP Wealth Advisors LLC now owns 9,987 shares of the software maker’s stock worth $6,202,000 after purchasing an additional 4,422 shares during the period. Dunhill Financial LLC grew its stake in Intuit by 110.3% during the 3rd quarter. Dunhill Financial LLC now owns 61 shares of the software maker’s stock worth $38,000 after buying an additional 32 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in Intuit in the third quarter worth $62,000. Y Intercept Hong Kong Ltd bought a new stake in Intuit in the third quarter valued at $4,479,000. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Intuit by 7.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 97,131 shares of the software maker’s stock valued at $60,318,000 after acquiring an additional 6,353 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Intuit

In other 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 transaction of $3,895,059.96. Following the sale, the insider now owns 6,219,900 shares in the company, valued at $3,758,436,774. The trade was a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Laura A. Fennell sold 4,788 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the sale, the executive vice president now directly owns 30,010 shares in the company, valued at approximately $18,414,736.20. This trade represents a 13.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,862 shares of company stock valued at $18,767,673 over the last three months. Company insiders own 2.68% of the company’s stock.

Intuit Trading Down 6.2 %

Intuit stock opened at $561.53 on Monday. The firm has a market cap of $156.98 billion, a price-to-earnings ratio of 54.52, a price-to-earnings-growth ratio of 2.85 and a beta of 1.25. Intuit Inc. has a 1 year low of $533.55 and a 1 year high of $714.78. The firm’s 50 day moving average price is $595.64 and its two-hundred day moving average price is $620.70. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s payout ratio is 38.81%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Redburn Atlantic assumed coverage on shares of Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Citigroup cut their price target on Intuit from $760.00 to $726.00 and set a “buy” 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 objective for the company in a report on Wednesday, February 26th. BMO Capital Markets cut their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. raised Intuit from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $640.00 to $660.00 in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $718.00.

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.