Invesco Ltd. Increases Stock Position in Intuit Inc. (NASDAQ:INTU)

Invesco Ltd. lifted its holdings in shares of Intuit Inc. (NASDAQ:INTUGet Rating) by 0.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,597,064 shares of the software maker’s stock after acquiring an additional 9,088 shares during the period. Intuit accounts for about 0.4% of Invesco Ltd.’s holdings, making the stock its 22nd biggest position. Invesco Ltd.’s holdings in Intuit were worth $1,729,611,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of INTU. Castleview Partners LLC purchased a new position in Intuit in the 4th quarter valued at $25,000. Industrial Alliance Investment Management Inc. purchased a new position in Intuit in the 4th quarter valued at $26,000. San Luis Wealth Advisors LLC purchased a new position in Intuit in the 1st quarter valued at $26,000. Comprehensive Financial Consultants Institutional Inc. purchased a new position in Intuit in the 4th quarter valued at $28,000. Finally, Activest Wealth Management purchased a new position in Intuit in the 1st quarter valued at $29,000. 83.31% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Trading Up 2.5 %

Shares of INTU stock opened at $450.03 on Friday. The firm has a 50-day moving average price of $437.37 and a 200 day moving average price of $432.25. Intuit Inc. has a twelve month low of $339.36 and a twelve month high of $716.86. The company has a market capitalization of $126.85 billion, a price-to-earnings ratio of 62.07, a PEG ratio of 3.07 and a beta of 1.19. The company has a current ratio of 1.39, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39.

Intuit (NASDAQ:INTUGet Rating) last announced its earnings results on Tuesday, August 23rd. The software maker reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.12. Intuit had a net margin of 16.23% and a return on equity of 16.47%. During the same period in the prior year, the business posted $1.28 earnings per share. Research analysts forecast that Intuit Inc. will post 8.88 earnings per share for the current fiscal year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 18th. Investors of record on Monday, October 10th will be paid a $0.78 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.68. The ex-dividend date is Thursday, October 6th. This represents a $3.12 annualized dividend and a yield of 0.69%. Intuit’s payout ratio is presently 37.52%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. BMO Capital Markets lifted their price objective on shares of Intuit from $475.00 to $533.00 and gave the company an “outperform” rating in a research report on Wednesday, August 17th. Morgan Stanley reduced their target price on Intuit from $720.00 to $550.00 and set an “overweight” rating for the company in a report on Friday, May 20th. Wells Fargo & Company reduced their target price on Intuit from $635.00 to $550.00 and set an “overweight” rating for the company in a report on Wednesday, May 25th. KeyCorp raised their target price on Intuit from $475.00 to $525.00 and gave the company an “overweight” rating in a report on Wednesday, August 24th. Finally, Piper Sandler raised their target price on Intuit from $500.00 to $553.00 and gave the company an “overweight” rating in a report on Wednesday, August 24th. One investment analyst has rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average target price of $570.61.

Insider Activity at Intuit

In related news, Director Raul Vazquez sold 1,790 shares of the business’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $390.37, for a total value of $698,762.30. Following the completion of the transaction, the director now owns 2,019 shares of the company’s stock, valued at approximately $788,157.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Intuit news, CEO Sasan K. Goodarzi sold 22,250 shares of Intuit stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $463.21, for a total value of $10,306,422.50. Following the completion of the sale, the chief executive officer now owns 60,208 shares in the company, valued at approximately $27,888,947.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Raul Vazquez sold 1,790 shares of Intuit stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $390.37, for a total value of $698,762.30. Following the completion of the sale, the director now owns 2,019 shares of the company’s stock, valued at approximately $788,157.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,902 shares of company stock valued at $16,251,640. 3.27% of the stock is owned by insiders.

About Intuit

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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 ProConnect.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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