Cornerstone Advisors LLC Sells 1,600 Shares of Intuit Inc. (NASDAQ:INTU)

Cornerstone Advisors LLC reduced its position in shares of Intuit Inc. (NASDAQ:INTU) by 11.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,500 shares of the software maker’s stock after selling 1,600 shares during the period. Cornerstone Advisors LLC’s holdings in Intuit were worth $7,856,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Brown Financial Advisors lifted its holdings in Intuit by 0.9% during the 3rd quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock valued at $1,018,000 after purchasing an additional 15 shares during the last quarter. Truvestments Capital LLC lifted its holdings in Intuit by 1.5% during the 3rd quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock valued at $669,000 after purchasing an additional 16 shares during the last quarter. True North Advisors LLC lifted its holdings in Intuit by 4.3% during the 4th quarter. True North Advisors LLC now owns 409 shares of the software maker’s stock valued at $257,000 after purchasing an additional 17 shares during the last quarter. Great Diamond Partners LLC lifted its holdings in Intuit by 2.8% during the 4th quarter. Great Diamond Partners LLC now owns 627 shares of the software maker’s stock valued at $394,000 after purchasing an additional 17 shares during the last quarter. Finally, Kovack Advisors Inc. lifted its holdings in Intuit by 4.8% during the 3rd quarter. Kovack Advisors Inc. now owns 393 shares of the software maker’s stock valued at $244,000 after purchasing an additional 18 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of research analyst reports. Jefferies Financial Group boosted their target price on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Redburn Atlantic initiated coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Morgan Stanley raised shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a research note on Wednesday, February 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. Finally, Stifel Nicolaus dropped their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $721.61.

Insider Activity at Intuit

In other news, insider Scott D. Cook sold 6,446 shares of the company’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 value of $3,895,059.96. Following the completion of the transaction, the insider now owns 6,219,900 shares in the company, valued at $3,758,436,774. This represents a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of the company’s stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at $1,154,337.92. This trade represents a 36.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 213,111 shares of company stock worth $137,327,184. 2.68% of the stock is currently owned by company insiders.

Intuit Stock Down 4.9 %

Shares of NASDAQ INTU opened at $579.78 on Tuesday. The stock has a market cap of $162.08 billion, a P/E ratio of 56.29, a P/E/G ratio of 2.85 and a beta of 1.27. The firm has a 50 day moving average price of $601.27 and a 200 day moving average price of $624.52. 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 Inc. has a 52-week low of $553.24 and a 52-week high of $714.78.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio is currently 38.81%.

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.