Intuit Inc. (NASDAQ:INTU) is Ninety One UK Ltd’s 7th Largest Position

Ninety One UK Ltd cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 25.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,450,564 shares of the software maker’s stock after selling 491,610 shares during the quarter. Intuit accounts for about 2.7% of Ninety One UK Ltd’s holdings, making the stock its 7th biggest holding. Ninety One UK Ltd owned approximately 0.52% of Intuit worth $906,646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Desjardins Global Asset Management Inc. lifted its holdings in shares of Intuit by 1.4% in the 4th quarter. Desjardins Global Asset Management Inc. now owns 1,181 shares of the software maker’s stock worth $738,000 after acquiring an additional 16 shares during the last quarter. GAM Holding AG increased its stake in shares of Intuit by 0.3% in the 4th quarter. GAM Holding AG now owns 5,873 shares of the software maker’s stock worth $3,671,000 after acquiring an additional 17 shares in the last quarter. Janiczek Wealth Management LLC increased its stake in shares of Intuit by 2.4% in the 4th quarter. Janiczek Wealth Management LLC now owns 716 shares of the software maker’s stock worth $448,000 after acquiring an additional 17 shares in the last quarter. Clear Harbor Asset Management LLC increased its stake in shares of Intuit by 0.4% in the 4th quarter. Clear Harbor Asset Management LLC now owns 4,842 shares of the software maker’s stock worth $3,027,000 after acquiring an additional 18 shares in the last quarter. Finally, Glenview Trust co increased its stake in Intuit by 1.9% during the 3rd quarter. Glenview Trust co now owns 1,031 shares of the software maker’s stock valued at $527,000 after purchasing an additional 19 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the sale, the executive vice president now owns 22,948 shares in the company, valued at $15,233,800.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the sale, the executive vice president now owns 22,948 shares in the company, valued at approximately $15,233,800.32. The disclosure for this sale can be found here. Insiders have sold a total of 4,717 shares of company stock worth $3,117,156 over the last quarter. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on INTU shares. Piper Sandler raised their price objective on shares of Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. raised their price target on shares of Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Susquehanna raised their price target on shares of Intuit from $700.00 to $775.00 and gave the company a “positive” rating in a report on Friday, February 23rd. Wells Fargo & Company raised their price target on shares of Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 21st. Finally, Barclays raised their price target on shares of Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $645.00.

Intuit Price Performance

NASDAQ:INTU traded down $5.39 during trading hours on Thursday, hitting $607.82. 297,981 shares of the stock traded hands, compared to its average volume of 1,237,135. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.35. Intuit Inc. has a 1 year low of $400.22 and a 1 year high of $671.01. The company has a market cap of $170.19 billion, a price-to-earnings ratio of 62.54, a price-to-earnings-growth ratio of 3.72 and a beta of 1.21. The stock has a 50 day moving average price of $644.88 and a 200 day moving average price of $598.39.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.33. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the previous year, the firm earned $1.05 earnings per share. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. Sell-side analysts forecast that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Tuesday, April 9th. Intuit’s payout ratio is currently 36.73%.

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.