The Manufacturers Life Insurance Company Cuts Stake in Intuit Inc. (NASDAQ:INTU)

The Manufacturers Life Insurance Company reduced its stake in shares of Intuit Inc. (NASDAQ:INTUFree Report) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 752,156 shares of the software maker’s stock after selling 15,948 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.27% of Intuit worth $470,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. V Square Quantitative Management LLC increased its position in Intuit by 18.8% in the third quarter. V Square Quantitative Management LLC now owns 3,050 shares of the software maker’s stock worth $1,558,000 after purchasing an additional 482 shares during the last quarter. Parnassus Investments LLC boosted its stake in Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after buying an additional 727,185 shares during the period. Maryland State Retirement & Pension System boosted its stake in Intuit by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock worth $13,293,000 after buying an additional 226 shares during the period. Glenmede Trust Co. NA boosted its stake in Intuit by 12.7% during the third quarter. Glenmede Trust Co. NA now owns 18,397 shares of the software maker’s stock worth $9,400,000 after buying an additional 2,074 shares during the period. Finally, Hixon Zuercher LLC purchased a new position in Intuit during the fourth quarter worth $1,292,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Intuit

In related news, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Intuit news, CFO Sandeep Aujla sold 1,415 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $855,480.70. Following the sale, the chief financial officer now owns 2,332 shares in the company, valued at approximately $1,409,880.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The disclosure for this sale can be found here. Insiders have sold a total of 91,908 shares of company stock worth $54,521,562 over the last quarter. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Mizuho lifted their price objective on shares of Intuit from $670.00 to $725.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. KeyCorp lifted their price objective on shares of Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Oppenheimer boosted their target price on shares of Intuit from $678.00 to $712.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Finally, Wells Fargo & Company boosted their target price on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, May 21st. Four research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $679.41.

Check Out Our Latest Stock Analysis on INTU

Intuit Stock Up 0.4 %

Shares of INTU traded up $2.02 during mid-day trading on Tuesday, hitting $569.24. 487,558 shares of the company traded hands, compared to its average volume of 1,293,143. Intuit Inc. has a 1-year low of $419.30 and a 1-year 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 company has a market capitalization of $159.13 billion, a PE ratio of 52.33, a price-to-earnings-growth ratio of 3.29 and a beta of 1.21. The business has a 50 day moving average of $628.06 and a 200 day moving average of $624.01.

Intuit (NASDAQ:INTUGet Free Report) last posted its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.12 by $1.76. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $7.80 earnings per share. Equities research analysts anticipate that Intuit Inc. will post 11.73 EPS for the current year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be given a $0.90 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a yield of 0.63%. Intuit’s dividend payout ratio is currently 33.21%.

Intuit Company 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.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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