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INTUIT INVESTOR SELLS SHARES
Relational Investors, which said it would sharply cut its Intuit stock position, has sold 4.3 million shares of Intuit common stock for about $204.6 million. The trades were executed from September 6 through September 13 at prices ranging from $46.63 per share to $47.55 per share. The shares were sold in the name of David H. Batchelder, the firm’s partner who holds a seat on the Intuit board of directors.
In an SEC filing in August, Relational said it would sell up to 5,562,500 shares of stock, about 50 percent of its holdings as reported on June 21. The firm cited its desire to diversify its holdings as the reason for the actions. Relational expressed its confidence in Intuit and its future. As I’ve mentioned about this firm, it has a reputation for shaking up companies, but nothing got shook with Intuit in the two years that Relational held such a large piece of the company’s stock.
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