Skandinaviska Enskilda Banken AB publ Acquires 46,966 Shares of Intuit Inc. (NASDAQ:INTU)

Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 21.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 268,856 shares of the software maker’s stock after acquiring an additional 46,966 shares during the quarter. Intuit makes up approximately 0.8% of Skandinaviska Enskilda Banken AB publ’s holdings, making the stock its 23rd biggest holding. Skandinaviska Enskilda Banken AB publ owned about 0.10% of Intuit worth $176,640,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Intuit by 1.1% in the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after purchasing an additional 283,291 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Intuit by 173.0% in the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after buying an additional 2,336,654 shares during the period. Fisher Asset Management LLC raised its position in shares of Intuit by 9.5% during the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after acquiring an additional 270,432 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Intuit by 4.2% during the second quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock valued at $925,262,000 after acquiring an additional 56,370 shares during the period. Finally, Parnassus Investments LLC boosted its holdings in Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after acquiring an additional 727,185 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on INTU shares. Stifel Nicolaus upped their target price on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Royal Bank of Canada began coverage on Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price target on the stock. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Finally, Piper Sandler restated an “overweight” rating and set a $768.00 target price (up from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Intuit currently has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Buying and Selling

In related news, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction that occurred on 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 owns 24,941 shares in the company, valued at approximately $15,752,985.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value 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 approximately $15,752,985.01. The disclosure for this sale can be found here. Insiders sold 22,389 shares of company stock valued at $14,231,188 over the last quarter. 2.90% of the stock is owned by company insiders.

Intuit Stock Performance

NASDAQ:INTU opened at $654.24 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $636.76 and a 200 day simple moving average of $631.46. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The stock has a market cap of $182.89 billion, a P/E ratio of 60.35, a PEG ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the business posted $0.40 EPS. Research analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.64%. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

About Intuit

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.