Sumitomo Mitsui DS Asset Management Company Ltd Raises Stock Position in Intuit Inc. (NASDAQ:INTU)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 3.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,826 shares of the software maker’s stock after acquiring an additional 1,814 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Intuit were worth $30,942,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in shares of Intuit during the fourth quarter worth $227,000. Kapitalo Investimentos Ltda purchased a new position in Intuit in the 4th quarter valued at about $141,000. Fulton Bank N.A. boosted its position in Intuit by 14.7% in the 1st quarter. Fulton Bank N.A. now owns 1,549 shares of the software maker’s stock valued at $1,007,000 after buying an additional 199 shares during the last quarter. Park Avenue Securities LLC grew its stake in shares of Intuit by 43.6% during the first quarter. Park Avenue Securities LLC now owns 9,929 shares of the software maker’s stock valued at $6,454,000 after acquiring an additional 3,016 shares in the last quarter. Finally, Aprio Wealth Management LLC increased its position in shares of Intuit by 26.4% during the first quarter. Aprio Wealth Management LLC now owns 440 shares of the software maker’s stock worth $286,000 after acquiring an additional 92 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Piper Sandler restated an “overweight” rating and set a $768.00 price objective on shares of Intuit in a research note on Friday, September 27th. Stifel Nicolaus raised their price target on shares of Intuit from $690.00 to $795.00 and gave the stock 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 dropped their price target for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. JPMorgan Chase & Co. increased their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Finally, Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Insider Activity at Intuit

In other Intuit news, insider Scott D. Cook sold 2,461 shares of the company’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 value of $1,568,124.59. Following the completion of the sale, the insider now directly owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Intuit news, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the transaction, the chief financial officer now owns 452 shares of the company’s stock, valued at approximately $279,010.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock worth $35,220,046 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Intuit Stock Performance

Shares of NASDAQ INTU opened at $609.23 on Friday. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The company has a market cap of $170.31 billion, a PE ratio of 56.20, a P/E/G ratio of 3.04 and a beta of 1.24. The stock has a 50 day simple moving average of $630.74 and a 200-day simple moving average of $627.72. 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) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the prior year, the business posted $0.40 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, equities research analysts forecast that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. Intuit’s dividend payout ratio (DPR) is 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.