Penobscot Investment Management Company Inc. Sells 308 Shares of Intuit Inc. (NASDAQ:INTU)

Penobscot Investment Management Company Inc. lessened its holdings in Intuit Inc. (NASDAQ:INTU) by 3.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 9,190 shares of the software maker’s stock after selling 308 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Intuit were worth $5,776,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nordea Investment Management AB grew its position in shares of Intuit by 83.2% during the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after purchasing an additional 268,060 shares in the last quarter. Whalen Wealth Management Inc. bought a new position in Intuit in the 4th quarter worth approximately $621,000. Beacon Investment Advisory Services Inc. grew its holdings in Intuit by 3.8% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker’s stock valued at $27,223,000 after buying an additional 1,602 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Intuit by 2.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock valued at $107,854,000 after buying an additional 3,648 shares during the last quarter. Finally, Douglas Lane & Associates LLC lifted its holdings in shares of Intuit by 109.9% in the fourth quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker’s stock worth $15,502,000 after buying an additional 12,916 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Trading Up 0.9 %

Shares of NASDAQ:INTU opened at $618.72 on Wednesday. The business’s fifty day simple moving average is $595.97 and its 200-day simple moving average is $622.76. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $172.97 billion, a PE ratio of 60.07, a P/E/G ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Investors 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 0.67%. Intuit’s payout ratio is 38.81%.

Analysts Set New Price Targets

INTU has been the subject of several research analyst reports. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price for the company. in a research note on Wednesday, January 15th. Scotiabank reduced their target price on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Citigroup lowered their price objective on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. raised shares of Intuit from a “neutral” rating to an “overweight” rating and increased their target price for the company from $640.00 to $660.00 in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $721.61.

Insider Buying and Selling at Intuit

In other news, CAO Lauren D. Hotz sold 1,078 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $619.28, for a total value of $667,583.84. Following the completion of the transaction, the chief accounting officer now directly owns 1,864 shares in the company, valued at $1,154,337.92. This trade represents a 36.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sasan K. Goodarzi sold 75,000 shares of Intuit stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the sale, the chief executive officer now owns 35,776 shares of the company’s stock, valued at approximately $22,542,457.60. The trade was a 67.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 132,896 shares of company stock worth $82,946,716 over the last three months. Corporate 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.