Tairen Capital Ltd Buys Shares of 6,000 Intuit Inc. (NASDAQ:INTU)

Tairen Capital Ltd acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 6,000 shares of the software maker’s stock, valued at approximately $3,943,000. Intuit makes up approximately 0.1% of Tairen Capital Ltd’s portfolio, making the stock its 17th largest position.

Several other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can increased its holdings in shares of Intuit by 11.2% in the second quarter. Bank of Montreal Can now owns 403,974 shares of the software maker’s stock worth $265,871,000 after buying an additional 40,837 shares during the period. Lombard Odier Asset Management Europe Ltd purchased a new position in shares of Intuit in the 2nd quarter valued at approximately $7,702,000. Evergreen Capital Management LLC boosted its holdings in shares of Intuit by 1.7% during the 2nd quarter. Evergreen Capital Management LLC now owns 4,331 shares of the software maker’s stock valued at $2,846,000 after buying an additional 73 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in Intuit by 71.9% during the second quarter. Public Sector Pension Investment Board now owns 10,717 shares of the software maker’s stock worth $7,043,000 after acquiring an additional 4,483 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. increased its stake in shares of Intuit by 14.3% during the second quarter. Nippon Life Global Investors Americas Inc. now owns 88,800 shares of the software maker’s stock valued at $58,360,000 after purchasing an additional 11,140 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Insider Activity

In other Intuit news, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Sandeep Aujla sold 1,061 shares of the firm’s 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 owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,389 shares of company stock valued at $14,231,188. 2.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

INTU has been the subject of several analyst reports. Citigroup raised their price target on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Piper Sandler restated an “overweight” rating and issued a $768.00 price target (up previously from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Royal Bank of Canada started coverage on Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price objective on the stock. Erste Group Bank restated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Finally, StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a report on Friday. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $720.37.

Intuit Stock Performance

INTU opened at $644.99 on Monday. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The firm has a market capitalization of $180.31 billion, a PE ratio of 59.50, a PEG ratio of 3.14 and a beta of 1.24. 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 firm’s 50-day moving average price is $636.82 and its 200 day moving average price is $631.11.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. As a group, sell-side analysts expect that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is currently 38.38%.

Intuit Company 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.