Intuit Inc. (NASDAQ:INTU) Shares Acquired by Sumitomo Mitsui Trust Group Inc.

by · The Markets Daily

Sumitomo Mitsui Trust Group Inc. lifted its position in Intuit Inc. (NASDAQ:INTU – Free Report) by 0.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 795,364 shares of the software maker’s stock after buying an additional 1,792 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.28% of Intuit worth $493,921,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Avantax Advisory Services Inc. grew its stake in shares of Intuit by 4.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 14,983 shares of the software maker’s stock worth $9,739,000 after purchasing an additional 685 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Intuit by 1.0% in the first quarter. Bleakley Financial Group LLC now owns 4,773 shares of the software maker’s stock valued at $3,102,000 after buying an additional 47 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of Intuit during the 1st quarter valued at $1,924,000. Koshinski Asset Management Inc. boosted its stake in shares of Intuit by 33.9% during the 1st quarter. Koshinski Asset Management Inc. now owns 1,094 shares of the software maker’s stock worth $711,000 after acquiring an additional 277 shares in the last quarter. Finally, TD Asset Management Inc raised its position in shares of Intuit by 41.1% during the first quarter. TD Asset Management Inc now owns 557,056 shares of the software maker’s stock worth $362,086,000 after purchasing an additional 162,175 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Trading Up 1.9 %

NASDAQ:INTU opened at $697.35 on Tuesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average is $626.88 and its 200-day moving average is $628.23. The firm has a market cap of $195.46 billion, a price-to-earnings ratio of 66.73, a P/E/G ratio of 3.34 and a beta of 1.25. Intuit Inc. has a 12 month low of $523.32 and a 12 month high of $698.96.

Intuit (NASDAQ:INTU – Get Free Report) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the company earned $0.40 earnings per share. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities analysts anticipate that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were paid a $1.04 dividend. The ex-dividend date was Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.60%. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is presently 39.81%.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the sale, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Intuit news, CFO Sandeep Aujla sold 4,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total value of $2,469,120.00. Following the transaction, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the sale, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 over the last quarter. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. BMO Capital Markets upped their price target on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Piper Sandler restated an “overweight” rating and set a $768.00 price objective on shares of Intuit in a research report on Friday, September 27th. Barclays reduced their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Check Out Our Latest Stock Report on INTU

About Intuit

(Free Report)

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.

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