Asahi Life Asset Management CO. LTD. Sells 437 Shares of Intuit Inc. (NASDAQ:INTU)

28 Oct 2024, 16:36 by Michael Walen · The Markets Daily

Asahi Life Asset Management CO. LTD. lessened its stake in Intuit Inc. (NASDAQ:INTU – Free Report) by 41.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 628 shares of the software maker’s stock after selling 437 shares during the period. Asahi Life Asset Management CO. LTD.’s holdings in Intuit were worth $390,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. LGT Financial Advisors LLC purchased a new stake in shares of Intuit in the 2nd quarter worth $25,000. Cultivar Capital Inc. purchased a new stake in Intuit in the second quarter worth about $26,000. Fairway Wealth LLC bought a new position in Intuit during the 2nd quarter worth about $26,000. Northwest Investment Counselors LLC purchased a new position in Intuit during the 3rd quarter valued at about $27,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Intuit in the 2nd quarter worth approximately $35,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Kerry J. Mclean sold 11,079 shares of the company’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 completion of the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at $15,752,985.01. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Sandeep Aujla sold 4,000 shares of the 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 completion of 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 filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is owned by corporate insiders.

Intuit Stock Performance

INTU traded up $1.81 during midday trading on Monday, hitting $611.08. 204,757 shares of the company were exchanged, compared to its average volume of 1,312,661. The firm has a market capitalization of $170.83 billion, a price-to-earnings ratio of 56.21, a price-to-earnings-growth ratio of 2.98 and a beta of 1.24. Intuit Inc. has a 1-year low of $481.79 and a 1-year high of $676.62. The company’s 50 day simple moving average is $626.86 and its 200 day simple moving average is $626.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

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

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were issued a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. Intuit’s dividend payout ratio is presently 38.38%.

Wall Street Analyst Weigh In

INTU has been the topic of several recent research reports. Royal Bank of Canada began coverage on Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price on the stock. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Stifel Nicolaus raised their price target on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Finally, Bank of America raised their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $735.71.

View Our Latest Research Report on Intuit

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