Asahi Life Asset Management CO. LTD. Has $340,000 Position in Intuit Inc. (NASDAQ:INTU)

Asahi Life Asset Management CO. LTD. lessened its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 49.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 553 shares of the software maker's stock after selling 540 shares during the quarter. Asahi Life Asset Management CO. LTD.'s holdings in Intuit were worth $340,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of INTU. Copia Wealth Management acquired a new stake in Intuit during the fourth quarter valued at approximately $25,000. Summit Securities Group LLC acquired a new stake in shares of Intuit during the 4th quarter worth approximately $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit during the 4th quarter worth approximately $28,000. VSM Wealth Advisory LLC acquired a new stake in shares of Intuit during the 4th quarter worth approximately $35,000. Finally, Olde Wealth Management LLC acquired a new stake in shares of Intuit during the 1st quarter worth approximately $37,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Citigroup reissued a "buy" rating and issued a $789.00 price objective (up from $726.00) on shares of Intuit in a report on Friday, May 23rd. Barclays reissued an "overweight" rating and issued a $815.00 price objective (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. JPMorgan Chase & Co. increased their price objective on Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Finally, Piper Sandler reissued an "overweight" rating and issued a $825.00 price objective (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $800.55.

Insider Activity

In other news, EVP Kerry J. Mclean sold 16,700 shares of the firm's 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 16,061 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total value of $11,662,373.93. Following the completion of the sale, the chief financial officer directly owned 197 shares in the company, valued at approximately $143,047.61. This represents a 98.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 279,800 shares of company stock valued at $209,725,054. Corporate insiders own 2.68% of the company's stock.

Intuit Stock Up 0.7%

Shares of INTU traded up $5.03 during mid-day trading on Wednesday, reaching $750.98. The company's stock had a trading volume of 1,259,178 shares, compared to its average volume of 1,621,762. The business has a fifty day moving average of $737.83 and a 200 day moving average of $648.19. The company has a market cap of $209.49 billion, a price-to-earnings ratio of 60.96, a price-to-earnings-growth ratio of 3.34 and a beta of 1.27. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $790.60. 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 released its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The company 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%. The company's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.88 earnings per share. As a group, analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.55%. The ex-dividend date is Thursday, July 10th. Intuit's payout ratio is 33.77%.

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.