Impax Asset Management Group plc Grows Position in Intuit Inc. (NASDAQ:INTU)

Impax Asset Management Group plc grew its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 27.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,248 shares of the software maker’s stock after acquiring an additional 4,759 shares during the quarter. Impax Asset Management Group plc’s holdings in Intuit were worth $13,816,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. LGT Financial Advisors LLC purchased a new position in Intuit in the 2nd quarter worth $25,000. Cultivar Capital Inc. purchased a new position in shares of Intuit in the second quarter valued at about $26,000. Fairway Wealth LLC purchased a new position in shares of Intuit in the second quarter valued at about $26,000. Northwest Investment Counselors LLC purchased a new position in shares of Intuit in the third quarter valued at about $27,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Intuit in the second quarter valued at about $35,000. 83.66% of the stock is owned by institutional investors.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the sale, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. This represents a 14.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. This represents a 0.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 over the last three months. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the topic of a number of analyst reports. Barclays boosted their price objective on shares of Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a research report on Friday. Stifel Nicolaus boosted their price objective on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $768.00 target price on shares of Intuit in a research note on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $739.24.

Intuit Trading Down 1.8 %

Shares of NASDAQ INTU opened at $687.87 on Friday. The firm’s 50 day moving average price is $631.62 and its 200-day moving average price is $629.71. The company has a market cap of $192.80 billion, a PE ratio of 65.82, a P/E/G ratio of 3.45 and a beta of 1.25. Intuit Inc. has a 52-week low of $552.68 and a 52-week high of $714.78. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm posted $0.40 earnings per share. The business’s revenue was up 17.4% on a year-over-year basis. On average, equities research analysts expect that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.60%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, October 10th. Intuit’s payout ratio is presently 39.81%.

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.