Allstate Corp Takes Position in Intuit Inc. (NASDAQ:INTU)

Allstate Corp purchased a new position in shares of Intuit Inc. (NASDAQ:INTU) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,316 shares of the software maker’s stock, valued at approximately $5,227,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quantbot Technologies LP raised its position in shares of Intuit by 1,027.3% during the third quarter. Quantbot Technologies LP now owns 124 shares of the software maker’s stock worth $77,000 after acquiring an additional 113 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in Intuit by 2.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 15,647 shares of the software maker’s stock worth $9,717,000 after purchasing an additional 361 shares during the last quarter. Hantz Financial Services Inc. lifted its position 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 purchasing an additional 902 shares during the period. Captrust Financial Advisors boosted its stake 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 valued at $40,300,000 after purchasing an additional 4,184 shares during the last quarter. Finally, Eventide Asset Management LLC increased its position in shares of Intuit by 66.9% during the third 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 period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Intuit news, CEO Sasan K. Goodarzi sold 75,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 35,776 shares in the company, valued at approximately $22,542,457.60. This trade represents a 67.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 109 shares of Intuit stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total transaction of $68,506.50. Following the transaction, the chief financial officer now directly owns 1,944 shares in the company, valued at approximately $1,221,804. This represents a 5.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 132,896 shares of company stock worth $82,946,716 over the last quarter. Insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on INTU shares. Scotiabank dropped their target price on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. BNP Paribas lowered Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a research report on Wednesday, January 15th. Piper Sandler reiterated an “overweight” rating and issued a $785.00 target price (up from $765.00) on shares of Intuit in a report on Wednesday, February 26th. Redburn Atlantic started coverage on Intuit in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. Finally, BMO Capital Markets reduced their price objective on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $721.61.

Intuit Stock Down 2.7 %

Shares of NASDAQ:INTU opened at $598.92 on Friday. The business’s 50 day moving average is $595.90 and its 200 day moving average is $622.46. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78. The stock has a market cap of $167.44 billion, a price-to-earnings ratio of 58.15, a PEG ratio of 2.85 and a beta of 1.27. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.69%. Intuit’s payout ratio is 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.