Brown Advisory Inc. has decreased its holdings in Intuit Inc. (NASDAQ: INTU) by 11.8%, selling 406,091 shares during the second quarter of 2023. This reduction leaves the institutional investor with a total of 3,038,509 shares, which currently represent 3.2% of its investment portfolio, making Intuit the firm’s fifth largest position. As of the latest filing with the Securities and Exchange Commission (SEC), Brown Advisory’s stake in Intuit is valued at approximately $2.39 billion.
Several other institutional investors have also adjusted their positions in Intuit recently. Notably, Tortoise Investment Management LLC significantly increased its stake by 540.0%, now owning 32 shares valued at $25,000. Similarly, Westside Investment Management Inc. raised its stake by 161.5%, holding 34 shares worth $27,000 after acquiring additional shares. Other firms, including Dogwood Wealth Management LLC and True Wealth Design LLC, have also reported increases in their holdings. Currently, hedge funds and institutional investors collectively own 83.66% of Intuit’s stock.
Intuit’s Recent Market Performance
On the trading front, Intuit’s shares opened at $663.08 on Friday. The company has experienced a 12-month low of $532.65 and a high of $813.70. Intuit Inc. boasts a market capitalization of $184.52 billion and a price-to-earnings (PE) ratio of 45.32. The firm has also announced a quarterly dividend of $1.20 per share, set to be paid on January 16, 2024, to investors recorded as of January 9, 2024. This annualized dividend amounts to $4.80, providing a yield of 0.7%.
Insider Transactions and Analyst Ratings
In related news, Director Richard L. Dalzell sold 333 shares on September 11, 2023, for a total of $220,162.95, reducing his ownership by 2.25%. Following this sale, Dalzell retains 14,475 shares valued at around $9.57 million. CFO Sandeep Aujla also sold 1,170 shares on October 3, 2023, amounting to $792,160.20, which is a 47.46% decrease in his position.
Wall Street analysts have expressed a range of outlooks for Intuit. Independent Research recently set a target price of $875.00, while BMO Capital Markets adjusted its price objective from $870.00 to $810.00 with an “outperform” rating. Other firms, including Barclays and Stifel Nicolaus, have also modified their price targets, reflecting varied expectations based on recent performance. Currently, the stock holds a consensus rating of “Moderate Buy” with a target price of $798.20, according to MarketBeat.com.
Intuit Inc. provides a range of financial management and compliance solutions catering to consumers, small businesses, accounting professionals, and self-employed individuals across various markets, including the United States and Canada. The company operates through four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.
