Intuit Inc. (NASDAQ:INTU) Holdings Raised by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. increased its holdings in Intuit Inc. by 1.4%, acquiring an additional 433 shares, bringing its total to 31,363 shares worth approximately $19.26 million.
• Intuit reported earnings per share of $11.65 for the quarter, beating analysts' expectations of $10.89, with revenue of $7.75 billion.
• Several hedge funds significantly increased their stakes in Intuit, with GAMMA Investing LLC raising its position by an astounding 69,701.9% in the first quarter.

iA Global Asset Management Inc. raised its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,363 shares of the software maker's stock after acquiring an additional 433 shares during the period. iA Global Asset Management Inc.'s holdings in Intuit were worth $19,257,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in INTU. Legacy Investment Solutions LLC increased its position in Intuit by 18.0% in the fourth quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after buying an additional 18 shares during the period. Financial Management Professionals Inc. increased its holdings in shares of Intuit by 18.4% in the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock worth $71,000 after acquiring an additional 18 shares during the period. Chris Bulman Inc lifted its position in Intuit by 1.2% in the 1st quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock valued at $935,000 after purchasing an additional 18 shares during the last quarter. Kolinsky Wealth Management LLC boosted its stake in Intuit by 1.6% during the 4th quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock valued at $749,000 after purchasing an additional 19 shares during the period. Finally, Norden Group LLC grew its position in Intuit by 1.2% in the 1st quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock worth $1,021,000 after purchasing an additional 19 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Barclays reiterated an "overweight" rating and set a $815.00 price objective (up from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Hsbc Global Res upgraded Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. KeyCorp reissued an "overweight" rating and set a $850.00 price target (up from $770.00) on shares of Intuit in a report on Friday, May 23rd. Wells Fargo & Company set a $880.00 price objective on shares of Intuit and gave the stock an "overweight" rating in a report on Friday, June 13th. Finally, Evercore ISI raised their target price on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $806.27.

Insider Activity

In related news, CFO Sandeep Aujla sold 16,061 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the transaction, the chief financial officer directly owned 197 shares of the company's stock, valued at approximately $143,047.61. The trade was a 98.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider directly owned 6,063,495 shares of the company's stock, valued at approximately $4,494,808,208.55. This represents a 1.18% 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. 2.68% of the stock is owned by corporate insiders.

Intuit Trading Up 1.3%

Shares of NASDAQ INTU traded up $10.20 during mid-day trading on Wednesday, hitting $779.47. 1,154,150 shares of the company traded hands, compared to its average volume of 1,457,064. 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 Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The stock has a market capitalization of $217.43 billion, a price-to-earnings ratio of 63.27, a PEG ratio of 2.96 and a beta of 1.28. The business has a 50 day moving average of $768.75 and a two-hundred day moving average of $664.40.

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

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, July 10th. Intuit's payout ratio is presently 33.77%.

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.