346 Shares in Intuit Inc. (NASDAQ:INTU) Bought by MMA Asset Management LLC

Key Points

• MMA Asset Management LLC has purchased 346 shares of Intuit Inc. worth approximately $212,000, during the first quarter, indicating growing institutional interest in the company.
• Intuit reported a stellar earnings performance with an EPS of $11.65, exceeding analysts' expectations by $0.76, and a revenue of $7.75 billion for the quarter.
• The company has announced a quarterly dividend of $1.04 per share, reflecting an annualized dividend yield of 0.52%, as it continues to generate robust returns for shareholders.

MMA Asset Management LLC bought a new stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 346 shares of the software maker's stock, valued at approximately $212,000.

Other large investors have also recently modified their holdings of the company. Pinnacle Financial Partners Inc lifted its position in Intuit by 3.6% during the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock valued at $10,922,000 after purchasing an additional 623 shares during the period. Capitolis Liquid Global Markets LLC purchased a new stake in Intuit during the fourth quarter valued at approximately $109,988,000. Financial Gravity Asset Management Inc. purchased a new stake in Intuit during the first quarter valued at approximately $2,285,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Intuit during the fourth quarter valued at approximately $237,244,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Intuit by 16.2% during the first quarter. China Universal Asset Management Co. Ltd. now owns 6,905 shares of the software maker's stock valued at $4,240,000 after buying an additional 962 shares during the last quarter. Institutional investors own 83.66% of the company's stock.

Intuit Trading Down 1.1%

INTU stock traded down $8.98 during trading on Friday, hitting $776.15. The company had a trading volume of 1,490,057 shares, compared to its average volume of 1,382,113. The firm has a market capitalization of $216.51 billion, a P/E ratio of 63.00, a PEG ratio of 3.48 and a beta of 1.28. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $813.70. The company has a 50 day simple moving average of $765.98 and a 200-day simple moving average of $660.69. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29.

Intuit (NASDAQ:INTU - Get Free Report) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the firm posted $9.88 EPS. As a group, research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. KeyCorp reissued an "overweight" rating and issued a $850.00 price objective (up from $770.00) on shares of Intuit in a research note on Friday, May 23rd. JPMorgan Chase & Co. increased their price objective on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Hsbc Global Res raised shares of Intuit from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 23rd. Citigroup reissued a "buy" rating and issued a $789.00 price objective (up from $726.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, BMO Capital Markets increased their price objective on shares of Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Intuit has an average rating of "Moderate Buy" and an average target price of $806.27.

Insider Buying and Selling

In related news, EVP Mark P. Notarainni sold 1,147 shares of Intuit stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $773.90, for a total value of $887,663.30. Following the completion of the sale, the executive vice president directly owned 19 shares in the company, valued at $14,704.10. This trade represents a 98.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sandeep Aujla sold 2,591 shares of Intuit stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total transaction of $2,026,732.02. Following the sale, the chief financial officer owned 768 shares of the company's stock, valued at approximately $600,744.96. The trade was a 77.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 over the last ninety days. Company insiders own 2.68% of the company's stock.

About Intuit

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.