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Intuit Inc. (NASDAQ:INTU) Shares Acquired by CCLA Investment Management

Intuit logo with Computer and Technology background

Key Points

  • CCLA Investment Management increased its stake in Intuit Inc. by 2.0% during the first quarter, bringing its total ownership to 206,633 shares, valued at approximately $126.8 million.
  • Analysts have expressed optimism about Intuit, with several upgrading their price targets, including Barclays at $815.00 and BMO Capital Markets at $870.00, contributing to a consensus rating of "Moderate Buy".
  • Intuit reported a successful quarterly earnings performance, with an EPS of $11.65 that surpassed expectations, leading to a 15.1% increase in revenue year-over-year.
  • Interested in Intuit? Here are five stocks we like better.

CCLA Investment Management boosted its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 2.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 206,633 shares of the software maker's stock after acquiring an additional 3,995 shares during the quarter. Intuit accounts for about 2.2% of CCLA Investment Management's portfolio, making the stock its 19th biggest holding. CCLA Investment Management owned 0.07% of Intuit worth $126,827,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its position in shares of Intuit by 61.3% during the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock worth $2,233,000 after purchasing an additional 1,350 shares during the last quarter. Revolve Wealth Partners LLC boosted its holdings in Intuit by 145.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock worth $511,000 after buying an additional 482 shares during the last quarter. Bank Pictet & Cie Europe AG increased its stake in Intuit by 14.2% during the 4th 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. World Investment Advisors raised its holdings in shares of Intuit by 206.8% during the fourth quarter. World Investment Advisors now owns 994 shares of the software maker's stock valued at $625,000 after acquiring an additional 670 shares during the last quarter. Finally, Arete Wealth Advisors LLC lifted its position in shares of Intuit by 73.0% in the fourth quarter. Arete Wealth Advisors LLC now owns 934 shares of the software maker's stock valued at $587,000 after acquiring an additional 394 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on INTU shares. Barclays reiterated an "overweight" rating and set a $815.00 price target (up from $775.00) on shares of Intuit in a research report on Friday, May 23rd. BMO Capital Markets upped their target price on shares of Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. KeyCorp reissued an "overweight" rating and issued a $850.00 price target (up from $770.00) on shares of Intuit in a research note on Friday, May 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $850.00 price objective (up previously from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Piper Sandler reissued an "overweight" rating and issued a $825.00 target price (up from $785.00) on shares of Intuit in a research note on Friday, May 23rd. One 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $806.27.

Get Our Latest Stock Analysis on Intuit

Intuit Trading Down 1.1%

Shares of INTU stock opened at $776.15 on Friday. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70. The firm has a market cap of $216.51 billion, a PE ratio of 63.00, a price-to-earnings-growth ratio of 3.44 and a beta of 1.28. The company has a 50-day moving average of $767.11 and a two-hundred day moving average of $662.02. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping 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 firm had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same quarter last year, the company posted $9.88 EPS. The firm's quarterly revenue was up 15.1% on a year-over-year basis. On average, analysts predict that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

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

Insider Activity

In other news, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $752.25, for a total transaction of $19,293,708.00. Following the sale, the executive vice president owned 22,796 shares of the company's stock, valued at approximately $17,148,291. This represents a 52.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of Intuit stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the transaction, the insider owned 6,063,495 shares of the company's stock, valued at $4,494,808,208.55. This trade represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 in the last quarter. Insiders own 2.68% of the company's stock.

About Intuit

(Free Report)

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.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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