International Assets Investment Management LLC Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

International Assets Investment Management LLC reduced its stake in shares of Intuit Inc. (NASDAQ:INTU) by 7.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 704 shares of the software maker’s stock after selling 53 shares during the quarter. International Assets Investment Management LLC’s holdings in Intuit were worth $450,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Parnassus Investments LLC boosted its position in shares of Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares during the period. Maryland State Retirement & Pension System grew its position in shares of Intuit by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock worth $13,293,000 after acquiring an additional 226 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Intuit by 1.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock valued at $112,381,000 after acquiring an additional 1,990 shares during the period. Glenmede Trust Co. NA raised its position in Intuit by 12.7% in the 3rd quarter. Glenmede Trust Co. NA now owns 18,397 shares of the software maker’s stock valued at $9,400,000 after purchasing an additional 2,074 shares during the last quarter. Finally, Hixon Zuercher LLC acquired a new stake in Intuit during the 4th quarter worth $1,292,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the sale, the executive vice president now owns 869 shares in the company, valued at approximately $525,380.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Intuit news, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the sale, the executive vice president now directly owns 869 shares of the company’s stock, valued at approximately $525,380.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 1,415 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $855,480.70. Following the transaction, the chief financial officer now directly owns 2,332 shares in the company, valued at approximately $1,409,880.56. The disclosure for this sale can be found here. Insiders have sold 193,937 shares of company stock worth $113,123,232 over the last three months. 2.90% of the stock is currently owned by corporate insiders.

Intuit Trading Down 1.3 %

Shares of INTU stock opened at $623.88 on Tuesday. The stock has a market cap of $174.41 billion, a P/E ratio of 57.55, a P/E/G ratio of 3.62 and a beta of 1.21. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit Inc. has a fifty-two week low of $444.19 and a fifty-two week high of $676.62. The business has a fifty day simple moving average of $615.85 and a 200-day simple moving average of $626.79.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, beating the consensus estimate of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.65 billion. During the same period last year, the firm posted $7.80 EPS. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, analysts forecast that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be issued a $0.90 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.58%. Intuit’s dividend payout ratio (DPR) is 33.21%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Morgan Stanley upped their target price on shares of Intuit from $680.00 to $740.00 and gave the company an “overweight” rating in a report on Monday, May 13th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Wells Fargo & Company boosted their target price on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. Piper Sandler increased their price target on Intuit from $750.00 to $760.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Finally, Stifel Nicolaus dropped their price objective on shares of Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Five research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $679.41.

Intuit 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.