AIA Group Ltd Purchases 6,965 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• AIA Group Ltd increased its stake in Intuit Inc. by 517.8%, acquiring an additional 6,965 shares in the first quarter, which brought their total holdings to 8,310 shares, valued at over $5 million.
• Institutional investors currently own 83.66% of Intuit's stock, with significant increases in holdings from several hedge funds, including GAMMA Investing LLC which raised its stake by 69,701.9%.
• Intuit's latest quarterly earnings report showed earnings per share of $11.65, surpassing analyst expectations, with revenue growing by 15.1% year-over-year.

AIA Group Ltd lifted its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 517.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,310 shares of the software maker's stock after purchasing an additional 6,965 shares during the period. AIA Group Ltd's holdings in Intuit were worth $5,102,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in INTU. Brighton Jones LLC grew its position in Intuit by 61.3% during the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock worth $2,233,000 after buying an additional 1,350 shares in the last quarter. Revolve Wealth Partners LLC grew its position in Intuit by 145.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock worth $511,000 after buying an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG grew its position in Intuit by 14.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock worth $1,252,000 after buying an additional 248 shares in the last quarter. FIL Ltd boosted its holdings in shares of Intuit by 38.9% in the 4th quarter. FIL Ltd now owns 1,592 shares of the software maker's stock valued at $1,001,000 after purchasing an additional 446 shares in the last quarter. Finally, Scotia Capital Inc. boosted its holdings in shares of Intuit by 5.4% in the 4th quarter. Scotia Capital Inc. now owns 4,963 shares of the software maker's stock valued at $3,119,000 after purchasing an additional 256 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Insider Transactions at Intuit

In other news, EVP Kerry J. Mclean sold 16,700 shares of Intuit stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the transaction, the executive vice president directly owned 23,101 shares of the company's stock, valued at approximately $16,844,325.16. This trade represents a 41.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Laura A. Fennell sold 25,648 shares of Intuit stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $752.25, for a total value of $19,293,708.00. Following the completion of the transaction, the executive vice president directly owned 22,796 shares of the company's stock, valued at approximately $17,148,291. This trade represents a 52.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 279,800 shares of company stock worth $209,725,054. Corporate insiders own 2.68% of the company's stock.

Intuit Trading Up 1.0%

NASDAQ:INTU traded up $7.39 during trading hours on Tuesday, hitting $713.48. 2,145,981 shares of the company were exchanged, compared to its average volume of 1,558,207. The stock has a market capitalization of $199.03 billion, a price-to-earnings ratio of 57.91, a price-to-earnings-growth ratio of 2.72 and a beta of 1.28. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a one year low of $532.65 and a one year high of $813.70. The company has a fifty day simple moving average of $767.07 and a 200 day simple moving average of $669.18.

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

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.6%. Intuit's dividend payout ratio (DPR) is 33.77%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on INTU. Hsbc Global Res raised Intuit from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price on the stock in a report on Wednesday, April 23rd. Piper Sandler reaffirmed an "overweight" rating and issued a $825.00 target price (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $850.00 target price (up previously from $760.00) on shares of Intuit in a report on Friday, May 23rd. Finally, UBS Group set a $750.00 target price on Intuit and gave the company a "neutral" rating in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $806.27.

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.