Manchester Global Management UK Ltd Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

Manchester Global Management UK Ltd reduced its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 35.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,926 shares of the software maker's stock after selling 7,500 shares during the period. Intuit makes up about 1.2% of Manchester Global Management UK Ltd's holdings, making the stock its 23rd largest position. Manchester Global Management UK Ltd's holdings in Intuit were worth $8,752,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in INTU. Invst LLC purchased a new position in Intuit in the third quarter valued at about $203,000. Virtu Financial LLC purchased a new position in Intuit in the 3rd quarter valued at approximately $7,506,000. Anchor Investment Management LLC raised its holdings in Intuit by 6.6% during the third quarter. Anchor Investment Management LLC now owns 2,415 shares of the software maker's stock worth $1,500,000 after purchasing an additional 150 shares during the last quarter. World Investment Advisors LLC purchased a new stake in Intuit during the third quarter worth $201,000. Finally, Wilmington Savings Fund Society FSB grew its holdings in Intuit by 7.1% in the third quarter. Wilmington Savings Fund Society FSB now owns 25,869 shares of the software maker's stock valued at $16,065,000 after purchasing an additional 1,721 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target for the company in a research note on Wednesday. Redburn Atlantic began coverage on shares of Intuit in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Scotiabank upgraded shares of Intuit from a "sector perform" rating to a "sector outperform" rating and increased their price target for the company from $600.00 to $700.00 in a research report on Thursday, April 17th. JPMorgan Chase & Co. upgraded Intuit from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $640.00 to $660.00 in a research report on Wednesday, March 5th. Finally, Jefferies Financial Group reduced their target price on Intuit from $800.00 to $735.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Intuit has an average rating of "Moderate Buy" and an average target price of $717.53.

Intuit Trading Up 1.5 %

NASDAQ:INTU traded up $9.29 during trading hours on Friday, reaching $624.12. 1,540,630 shares of the company were exchanged, compared to its average volume of 1,581,498. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $714.78. The stock has a 50 day simple moving average of $593.48 and a 200 day simple moving average of $616.11. The firm has a market cap of $174.48 billion, a price-to-earnings ratio of 60.59, 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.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 18th. Investors of record on Thursday, April 10th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Thursday, April 10th. Intuit's payout ratio is currently 38.81%.

Insider Buying and Selling at Intuit

In related news, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares in the company, valued at approximately $13,401,849.72. This represents a 27.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the business's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $604.26, for a total value of $3,895,059.96. Following the transaction, the insider now owns 6,219,900 shares in the company, valued at approximately $3,758,436,774. This represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,696 shares of company stock valued at $14,347,731. Company insiders own 2.68% of the company's stock.

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.