Assenagon Asset Management S.A. Sells 82,176 Shares of Intuit Inc. $INTU

Key Points

• Assenagon Asset Management cut its Intuit position by 69.6% in the third quarter, selling 82,176 shares and retaining 35,889 shares worth approximately $9.9 million. Institutional investors collectively own 83.66% of Intuit.
• Intuit reported quarterly EPS of $4.03, beating estimates of $3.58, while revenue rose 13.7% year over year to $4.35 billion. The company also increased its quarterly dividend to $1.38, or $5.52 annually, yielding about 1.7%.
• Analyst views remain mixed: 16 analysts rate Intuit a Buy, 12 rate it Hold and three rate it Sell, resulting in a consensus Hold rating and a $431.55 target price versus the reported share price of $325.62.

Assenagon Asset Management S.A. trimmed its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 69.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,889 shares of the software maker's stock after selling 82,176 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Intuit were worth $9,895,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in INTU. BlackRock Inc. purchased a new stake in Intuit in the second quarter valued at $6,851,859,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Intuit by 102.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,896,561 shares of the software maker's stock worth $1,684,795,000 after acquiring an additional 1,972,719 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Intuit by 6.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,334,328 shares of the software maker's stock worth $870,260,000 after acquiring an additional 215,814 shares during the last quarter. Unisphere Establishment lifted its holdings in shares of Intuit by 6.5% in the 1st quarter. Unisphere Establishment now owns 1,810,000 shares of the software maker's stock worth $782,608,000 after acquiring an additional 110,000 shares during the last quarter. Finally, Amundi boosted its position in shares of Intuit by 44.9% during the 1st quarter. Amundi now owns 1,563,158 shares of the software maker's stock worth $675,878,000 after purchasing an additional 484,602 shares during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Trading Up 0.1%

Shares of INTU stock opened at $325.62 on Tuesday. Intuit Inc. has a fifty-two week low of $252.84 and a fifty-two week high of $689.17. The company has a 50 day moving average price of $320.98 and a 200 day moving average price of $327.16. The stock has a market capitalization of $87.02 billion, a P/E ratio of 17.76, a price-to-earnings-growth ratio of 0.95 and a beta of 1.01. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.51 and a current ratio of 1.51.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results on Tuesday, August 25th. The software maker reported $4.03 EPS for the quarter, beating the consensus estimate of $3.58 by $0.45. The company had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.27 billion. Intuit had a net margin of 21.29% and a return on equity of 25.97%. The firm's revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.75 EPS. Intuit has set its Q1 2027 guidance at 2.440-2.480 EPS and its FY 2027 guidance at 22.880-23.120 EPS. Equities research analysts predict that Intuit Inc. will post 23.02 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Thursday, October 8th were issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 1.7%. This is a boost from Intuit's previous quarterly dividend of $1.20. The ex-dividend date was Thursday, October 8th. Intuit's dividend payout ratio (DPR) is 33.45%.

Insider Buying and Selling at Intuit

In related news, CAO Lauren Hotz sold 907 shares of the business's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $346.54, for a total transaction of $314,311.78. Following the completion of the transaction, the chief accounting officer directly owned 1,628 shares of the company's stock, valued at $564,167.12. The trade was a 35.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard Dalzell sold 285 shares of the company's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $325.36, for a total value of $92,727.60. Following the sale, the director owned 11,531 shares in the company, valued at approximately $3,751,726.16. This trade represents a 2.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.49% of the company's stock.

Analyst Ratings Changes

INTU has been the subject of several research reports. Citigroup dropped their target price on shares of Intuit from $591.00 to $457.00 and set a "buy" rating for the company in a report on Thursday, August 13th. Royal Bank Of Canada reissued an "outperform" rating and issued a $385.00 target price on shares of Intuit in a research report on Friday, October 2nd. Piper Sandler upped their price target on Intuit from $250.00 to $290.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 26th. Morgan Stanley lowered their price target on Intuit from $335.00 to $315.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 26th. Finally, JPMorgan Chase & Co. cut Intuit from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $605.00 to $331.00 in a research note on Wednesday, August 26th. Sixteen investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $431.55.

About Intuit

Intuit Inc is a global financial technology and business software company that develops products designed to help consumers, small businesses and accounting professionals manage finances, taxes and marketing. Its ecosystem combines financial management, tax preparation, accounting, payments and customer relationship tools.

The company's principal products include TurboTax for tax preparation, QuickBooks for accounting, invoicing, payroll and payments, Credit Karma for personal financial services, and Mailchimp for marketing automation and customer engagement.

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