Nuveen Asset Management LLC Trims Position in Intuit Inc. (NASDAQ:INTU)

Nuveen Asset Management LLC decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 13.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,692,711 shares of the software maker’s stock after selling 257,829 shares during the quarter. Nuveen Asset Management LLC owned about 0.60% of Intuit worth $1,063,869,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. Vanguard Group Inc. boosted its stake in shares of Intuit by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock valued at $16,991,696,000 after purchasing an additional 353,185 shares in the last quarter. Geode Capital Management LLC raised its stake in Intuit by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock worth $3,833,720,000 after buying an additional 132,384 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock worth $3,329,115,000 after buying an additional 620,559 shares during the period. Norges Bank bought a new stake in Intuit during the 4th quarter valued at approximately $2,290,419,000. Finally, Northern Trust Corp grew its holdings in shares of Intuit by 17.3% during the 4th quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker’s stock worth $2,118,682,000 after acquiring an additional 498,030 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

INTU has been the subject of a number of research analyst reports. Redburn Atlantic began coverage on Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Piper Sandler reissued an “overweight” rating and set a $785.00 price objective (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. JPMorgan Chase & Co. upgraded shares of Intuit from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $640.00 to $660.00 in a report on Wednesday, March 5th. Morgan Stanley reduced their target price on shares of Intuit from $730.00 to $720.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Oppenheimer lowered their price target on shares of Intuit from $722.00 to $642.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $717.53.

Intuit Price Performance

Shares of INTU opened at $656.80 on Wednesday. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $714.78. The company has a market capitalization of $183.62 billion, a P/E ratio of 63.77, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. The firm has a 50 day moving average of $604.28 and a 200 day moving average of $618.26. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 18th. Shareholders of record on Thursday, April 10th were paid 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 0.63%. Intuit’s dividend payout ratio is 38.81%.

Insiders Place Their Bets

In related news, EVP Marianna Tessel sold 7,385 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $600.13, for a total transaction of $4,431,960.05. Following the transaction, the executive vice president now owns 40,190 shares in the company, valued at $24,119,224.70. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Laura A. Fennell sold 8,163 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the sale, the executive vice president now owns 21,882 shares in the company, valued at $13,401,849.72. This represents a 27.17% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,696 shares of company stock valued at $14,347,731. Corporate insiders own 2.68% of the company’s stock.

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.