Acadian Asset Management LLC Acquires 6,266 Shares of Intuit Inc. (NASDAQ:INTU)

Acadian Asset Management LLC increased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 62.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,327 shares of the software maker’s stock after purchasing an additional 6,266 shares during the period. Acadian Asset Management LLC’s holdings in Intuit were worth $10,606,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Intuit in the 4th quarter valued at $2,101,848,000. Wellington Management Group LLP raised its holdings in Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares in the last quarter. Lone Pine Capital LLC purchased a new stake in shares of Intuit during the fourth quarter valued at about $467,852,000. Parnassus Investments LLC lifted its position in shares of Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after buying an additional 727,185 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Intuit by 60,534.9% in the 4th quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock valued at $295,609,000 after buying an additional 472,172 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Performance

Shares of INTU stock traded down $0.91 on Friday, hitting $636.56. The company had a trading volume of 1,056,569 shares, compared to its average volume of 1,312,862. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm has a market cap of $177.95 billion, a P/E ratio of 58.72, a price-to-earnings-growth ratio of 3.64 and a beta of 1.23. The company has a 50-day moving average price of $625.37 and a 200-day moving average price of $631.84.

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

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th were given a $0.90 dividend. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.57%. Intuit’s dividend payout ratio (DPR) is currently 33.21%.

Insider Transactions at Intuit

In related news, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the transaction, the executive vice president now owns 1,020 shares in the company, valued at approximately $664,020. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were 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 of the company’s stock, valued at $525,380.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares in the company, valued at $664,020. The disclosure for this sale can be found here. Insiders have sold a total of 195,963 shares of company stock valued at $114,442,445 in the last ninety days. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. BMO Capital Markets reissued an “outperform” rating and issued a $700.00 price objective on shares of Intuit in a research report on Tuesday, March 26th. UBS Group boosted their target price on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research note on Monday, May 20th. Citigroup increased their price target on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Bank of America dropped their price target on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Four investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $694.27.

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.