Mackenzie Financial Corp Sells 17,080 Shares of Intuit Inc. (NASDAQ:INTU)

Mackenzie Financial Corp cut its holdings in Intuit Inc. (NASDAQ:INTU) by 5.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 270,661 shares of the software maker’s stock after selling 17,080 shares during the period. Mackenzie Financial Corp’s holdings in Intuit were worth $170,110,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. R Squared Ltd bought a new position in Intuit in the 4th quarter valued at $25,000. NewSquare Capital LLC raised its stake in shares of Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares during the period. Summit Securities Group LLC purchased a new position in shares of Intuit in the 4th quarter worth about $28,000. Heck Capital Advisors LLC bought a new position in Intuit during the fourth quarter valued at about $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Intuit during the fourth quarter worth about $28,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on INTU. Oppenheimer boosted their target price on shares of Intuit from $642.00 to $742.00 and gave the company an “outperform” rating in a research note on Friday. Evercore ISI upped their price objective on Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a research note on Friday. BMO Capital Markets raised their target price on Intuit from $714.00 to $820.00 and gave the stock an “outperform” rating in a research report on Friday. Royal Bank of Canada boosted their target price on Intuit from $760.00 to $850.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Mizuho increased their price target on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus target price of $785.33.

Intuit Stock Performance

NASDAQ INTU opened at $720.13 on Friday. The company’s 50 day simple moving average is $616.76 and its two-hundred day simple moving average is $621.02. 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 1 year low of $532.65 and a 1 year high of $734.18. The stock has a market capitalization of $201.32 billion, a PE ratio of 69.92, a P/E/G ratio of 2.85 and a beta of 1.24.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter last year, the business posted $9.88 earnings per share. The firm’s revenue was up 15.1% compared to the same quarter last year. Analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Eve B. Burton sold 1,702 shares of Intuit stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares of the company’s stock, valued at approximately $4,800. The trade was a 99.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Scott D. Cook sold 6,446 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $604.26, for a total value of $3,895,059.96. Following the completion of the transaction, the insider now directly 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. In the last 90 days, insiders sold 23,696 shares of company stock worth $14,347,731. 2.68% of the stock is currently owned by insiders.

Intuit Company 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.