Royal London Asset Management Ltd. Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

Royal London Asset Management Ltd. reduced its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 1.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 286,413 shares of the software maker’s stock after selling 3,850 shares during the period. Royal London Asset Management Ltd.’s holdings in Intuit were worth $177,862,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Rench Wealth Management Inc. grew its holdings in shares of Intuit by 8.0% during the third quarter. Rench Wealth Management Inc. now owns 7,993 shares of the software maker’s stock worth $4,964,000 after buying an additional 594 shares in the last quarter. Prana Capital Management LP purchased a new stake in shares of Intuit during the third quarter worth about $8,173,000. Motley Fool Asset Management LLC grew its holdings in shares of Intuit by 3.9% during the third quarter. Motley Fool Asset Management LLC now owns 11,280 shares of the software maker’s stock worth $6,839,000 after buying an additional 419 shares in the last quarter. IHT Wealth Management LLC grew its holdings in shares of Intuit by 20.9% during the third quarter. IHT Wealth Management LLC now owns 2,036 shares of the software maker’s stock worth $1,259,000 after buying an additional 352 shares in the last quarter. Finally, Investment Management Corp of Ontario grew its holdings in shares of Intuit by 49.9% during the third quarter. Investment Management Corp of Ontario now owns 9,314 shares of the software maker’s stock worth $5,784,000 after buying an additional 3,100 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INTU has been the subject of a number of recent research reports. Morgan Stanley lifted their price target on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Stifel Nicolaus lowered their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Oppenheimer boosted their target price on shares of Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Scotiabank assumed coverage on shares of Intuit in a report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $737.44.

Intuit Trading Up 2.9 %

INTU opened at $654.64 on Thursday. The stock has a market capitalization of $183.25 billion, a PE ratio of 63.56, a P/E/G ratio of 3.14 and a beta of 1.24. The firm’s fifty day moving average price is $634.29 and its 200 day moving average price is $631.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the prior year, the company posted $1.14 earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, research analysts expect that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, January 9th. This represents a $4.16 annualized dividend and a yield of 0.64%. Intuit’s payout ratio is 40.39%.

Insider Buying and Selling at Intuit

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the completion of the sale, the insider now owns 6,378,105 shares in the company, valued at $4,093,595,351.10. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the transaction, the chief financial officer now owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This represents a 14.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,324 shares of company stock worth $75,803,690 over the last 90 days. Insiders own 2.68% of the company’s stock.

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.