Maryland State Retirement & Pension System Trims Holdings in Intuit Inc. (NASDAQ:INTU)

Maryland State Retirement & Pension System cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 6.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,786 shares of the software maker’s stock after selling 963 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Intuit were worth $9,293,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in INTU. R Squared Ltd bought a new position in Intuit in the 4th quarter worth approximately $25,000. NewSquare Capital LLC boosted its position in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares during the last quarter. Heck Capital Advisors LLC purchased a new position in Intuit during the fourth quarter valued at $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Intuit in the 4th quarter valued at $28,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in Intuit in the 4th quarter worth $29,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Intuit

In other Intuit news, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction on Friday, February 28th. The stock was 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. The trade was a 0.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 109 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total value of $68,506.50. Following the completion of the sale, the chief financial officer now owns 1,944 shares of the company’s stock, valued at $1,221,804. This represents a 5.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,646 shares of company stock worth $72,494,045 in the last 90 days. 2.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on INTU shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $760.00 target price on shares of Intuit in a report on Friday, November 22nd. Mizuho lifted their price objective on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Piper Sandler reiterated an “overweight” rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. JPMorgan Chase & Co. upgraded shares of Intuit from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $640.00 to $660.00 in a research report on Wednesday, March 5th. Finally, BNP Paribas lowered shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a research report on Wednesday, January 15th. One investment 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. Based on data from MarketBeat, Intuit has an average rating of “Moderate Buy” and an average target price of $721.61.

Intuit Stock Performance

Shares of Intuit stock opened at $599.03 on Wednesday. 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 stock’s fifty day moving average is $597.44 and its two-hundred day moving average is $623.29. Intuit Inc. has a 52 week low of $553.24 and a 52 week high of $714.78. The company has a market capitalization of $167.47 billion, a PE ratio of 58.16, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 0.69%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio is presently 38.81%.

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.