Grant Private Wealth Management Inc Invests $1.84 Million in Intuit Inc. (NASDAQ:INTU)

Grant Private Wealth Management Inc bought a new stake in Intuit Inc. (NASDAQ:INTU) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,932 shares of the software maker’s stock, valued at approximately $1,843,000. Intuit makes up approximately 2.0% of Grant Private Wealth Management Inc’s portfolio, making the stock its 11th largest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Nordea Investment Management AB increased its position in shares of Intuit by 83.2% during the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after purchasing an additional 268,060 shares during the last quarter. Whalen Wealth Management Inc. purchased a new stake in Intuit during the fourth quarter worth about $621,000. Beacon Investment Advisory Services Inc. raised its position in Intuit by 3.8% in the fourth quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker’s stock worth $27,223,000 after acquiring an additional 1,602 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Intuit by 2.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock valued at $107,854,000 after acquiring an additional 3,648 shares during the last quarter. Finally, Douglas Lane & Associates LLC boosted its stake in Intuit by 109.9% in the fourth quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker’s stock valued at $15,502,000 after acquiring an additional 12,916 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Up 1.2 %

Shares of NASDAQ INTU opened at $620.91 on Thursday. The stock has a market capitalization of $173.58 billion, a P/E ratio of 60.28, a PEG ratio of 2.85 and a beta of 1.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. Intuit Inc. has a one year low of $553.24 and a one year high of $714.78. The firm’s 50 day simple moving average is $596.37 and its two-hundred day simple moving average is $621.71.

Intuit Announces Dividend

The firm 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 $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio is presently 38.81%.

Wall Street Analyst Weigh In

INTU has been the topic of a number of research reports. JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $640.00 to $660.00 in a report on Wednesday, March 5th. Morgan Stanley upgraded Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price on the stock in a research note on Wednesday, February 26th. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research note on Monday, March 3rd. Citigroup lowered their price objective on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Finally, Piper Sandler reiterated an “overweight” rating and set a $785.00 target price (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. One 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $718.00.

Insiders Place Their Bets

In related news, CAO Lauren D. Hotz sold 1,078 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the sale, the chief accounting officer now directly owns 1,864 shares in the company, valued at $1,154,337.92. This represents a 36.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Scott D. Cook sold 6,446 shares of the firm’s 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 in the company, valued at approximately $3,758,436,774. This trade represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,334 shares of company stock valued at $19,064,325 over the last three months. Insiders own 2.68% of the company’s stock.

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.