ICICI Prudential Asset Management Co Ltd Acquires 224 Shares of Intuit Inc. (NASDAQ:INTU)

ICICI Prudential Asset Management Co Ltd increased its stake in shares of Intuit Inc. (NASDAQ:INTUFree Report) by 9.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,716 shares of the software maker’s stock after buying an additional 224 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Intuit were worth $1,698,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Intuit during the fourth quarter valued at approximately $1,173,468,000. Moneta Group Investment Advisors LLC lifted its holdings in Intuit by 118,345.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,088,194 shares of the software maker’s stock worth $812,767,000 after buying an additional 2,086,431 shares in the last quarter. Morgan Stanley boosted its position in Intuit by 42.5% in the 4th quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock valued at $1,340,830,000 after buying an additional 1,027,752 shares during the last quarter. Parnassus Investments LLC increased its stake in shares of Intuit by 42,268.5% in the 3rd quarter. Parnassus Investments LLC now owns 610,954 shares of the software maker’s stock valued at $312,161,000 after buying an additional 609,512 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Intuit by 61.5% during the third quarter. Wellington Management Group LLP now owns 1,350,929 shares of the software maker’s stock worth $690,244,000 after acquiring an additional 514,259 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Insider Activity at Intuit

In related news, EVP Alex G. Balazs sold 280 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CAO Lauren D. Hotz sold 745 shares of Intuit stock in a transaction on Monday, February 26th. The stock was sold at an average price of $655.13, for a total transaction of $488,071.85. Following the completion of the sale, the chief accounting officer now owns 3,180 shares of the company’s stock, valued at $2,083,313.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,260 shares of company stock valued at $20,667,475. 2.90% of the stock is owned by insiders.

Intuit Stock Up 0.2 %

Shares of NASDAQ:INTU traded up $1.26 during midday trading on Friday, reaching $650.00. 1,163,442 shares of the company were exchanged, compared to its average volume of 1,249,973. The firm has a market cap of $182 billion, a PE ratio of 66.33, a P/E/G ratio of 3.96 and a beta of 1.22. Intuit Inc. has a fifty-two week low of $400.22 and a fifty-two week high of $671.01. The stock has a fifty day simple moving average of $648.06 and a two-hundred day simple moving average of $588.45. 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 (NASDAQ:INTUGet Free Report) last released its earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The company’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 EPS. As a group, sell-side analysts forecast that Intuit Inc. will post 11.27 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 18th. Investors of record on Wednesday, April 10th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Tuesday, April 9th. Intuit’s payout ratio is 36.73%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on INTU shares. BMO Capital Markets reiterated an “outperform” rating and issued a $700.00 price target on shares of Intuit in a report on Tuesday. Susquehanna lifted their price target on shares of Intuit from $700.00 to $775.00 and gave the stock a “positive” rating in a research report on Friday, February 23rd. Piper Sandler increased their price objective on shares of Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Evercore ISI lifted their target price on shares of Intuit from $670.00 to $725.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Finally, Barclays upped their target price on shares of Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and a consensus price target of $645.00.

View Our Latest Research Report on INTU

Intuit Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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