Vestcor Inc Reduces Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Vestcor Inc lessened its stake in shares of Intuit Inc. (NASDAQ:INTU) by 4.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,169 shares of the software maker’s stock after selling 213 shares during the quarter. Vestcor Inc’s holdings in Intuit were worth $3,249,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Nations Financial Group Inc. IA ADV grew its stake in Intuit by 22.0% in the third quarter. Nations Financial Group Inc. IA ADV now owns 1,016 shares of the software maker’s stock worth $631,000 after purchasing an additional 183 shares during the period. Simmons Bank raised its stake in shares of Intuit by 2.3% in the third quarter. Simmons Bank now owns 842 shares of the software maker’s stock worth $523,000 after buying an additional 19 shares during the period. MQS Management LLC bought a new position in shares of Intuit in the third quarter worth about $373,000. Pinnacle Financial Partners Inc grew its position in shares of Intuit by 2.6% during the third quarter. Pinnacle Financial Partners Inc now owns 16,651 shares of the software maker’s stock worth $10,340,000 after purchasing an additional 419 shares in the last quarter. Finally, Kovack Advisors Inc. grew 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 buying an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Transactions at Intuit

In related news, EVP Laura A. Fennell sold 4,788 shares of Intuit stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total value of $2,938,012.56. Following the sale, the executive vice president now owns 30,010 shares in the company, valued at $18,414,736.20. The trade was a 13.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Scott D. Cook sold 73,655 shares of Intuit stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total value of $48,976,155.70. Following the completion of the transaction, the insider now directly owns 6,301,286 shares of the company’s stock, valued at approximately $4,189,977,112.84. This represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 189,301 shares of company stock valued at $121,470,200. 2.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

INTU has been the subject of a number of research analyst reports. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. BMO Capital Markets lowered 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. Mizuho increased their price target on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. BNP Paribas downgraded 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. Finally, Piper Sandler reissued an “overweight” rating and set a $785.00 target price (up previously from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $721.61.

Intuit Trading Down 1.7 %

INTU opened at $581.32 on Friday. The company’s 50 day moving average price is $598.85 and its two-hundred day moving average price is $623.76. 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 fifty-two week low of $553.24 and a fifty-two week high of $714.78. The firm has a market capitalization of $162.51 billion, a price-to-earnings ratio of 56.44, a PEG ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.72%. 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.