The Manufacturers Life Insurance Company Decreases Stake in Intuit Inc. (NASDAQ:INTU)

The Manufacturers Life Insurance Company lessened its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 40.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 236,609 shares of the software maker's stock after selling 160,933 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Intuit worth $148,710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in Intuit in the fourth quarter valued at about $25,000. NewSquare Capital LLC grew its stake in Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock valued at $27,000 after purchasing an additional 18 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Intuit in the fourth quarter worth about $28,000. Heck Capital Advisors LLC acquired a new stake in Intuit in the fourth quarter worth about $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Intuit in the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Activity at Intuit

In other news, Director Eve B. Burton sold 1,702 shares of Intuit stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $600.00, for a total value of $1,021,200.00. Following the sale, the director now owns 8 shares in the company, valued at $4,800. This trade represents a 99.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction dated Friday, February 28th. The shares were 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 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. Over the last quarter, insiders have sold 23,696 shares of company stock worth $14,347,731. 2.68% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. BMO Capital Markets lowered their price target on Intuit from $760.00 to $714.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Mizuho raised their price target on Intuit from $750.00 to $765.00 and gave the stock an "outperform" rating in a report on Monday, March 3rd. Hsbc Global Res raised Intuit from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. Piper Sandler reissued an "overweight" rating and issued a $785.00 price target (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. raised Intuit from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $640.00 to $660.00 in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $717.53.

Intuit Stock Performance

INTU stock traded down $4.28 during midday trading on Thursday, hitting $623.19. 1,447,092 shares of the stock traded hands, compared to its average volume of 1,581,454. The firm has a market cap of $174.22 billion, a P/E ratio of 60.50, a PEG ratio of 2.85 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The stock's fifty day simple moving average is $596.32 and its 200-day simple moving average is $616.22. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $714.78.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 18th. Investors of record on Thursday, April 10th were given a dividend of $1.04 per share. The ex-dividend date was Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.67%. 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.