E Fund Management Co. Ltd. Purchases 1,532 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• E Fund Management Co. Ltd. increased its holdings in Intuit Inc. by 13.3%, owning 13,013 shares worth approximately $7.99 million at the end of the last reporting period.
• Intuit reported earnings of $11.65 per share for the last quarter, exceeding analysts' expectations by $0.76, with revenues reaching $7.75 billion, a 15.1% increase year-over-year.
• The company's quarterly dividend was recently declared at $1.04 per share, with a total annualized dividend of $4.16, resulting in a yield of 0.6%.

E Fund Management Co. Ltd. increased its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 13.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,013 shares of the software maker's stock after buying an additional 1,532 shares during the period. E Fund Management Co. Ltd.'s holdings in Intuit were worth $7,990,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of INTU. Copia Wealth Management bought a new position in Intuit in the fourth quarter worth about $25,000. Heck Capital Advisors LLC purchased a new stake in Intuit in the fourth quarter worth about $28,000. Olde Wealth Management LLC purchased a new stake in Intuit in the first quarter worth about $37,000. Atlantic Edge Private Wealth Management LLC grew its holdings in Intuit by 523.1% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after purchasing an additional 68 shares during the period. Finally, Hughes Financial Services LLC purchased a new stake in Intuit in the first quarter worth about $50,000. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on INTU shares. JPMorgan Chase & Co. upped their price objective on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Piper Sandler restated an "overweight" rating and issued a $825.00 price objective (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. Scotiabank upgraded shares of Intuit from a "sector perform" rating to a "sector outperform" rating and upped their price objective for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. The Goldman Sachs Group upped their price objective on shares of Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, Susquehanna reiterated a "positive" rating on shares of Intuit in a report on Friday, May 23rd. One research 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 assigned a strong buy rating to the stock. According to MarketBeat, Intuit has a consensus rating of "Moderate Buy" and a consensus price target of $806.27.

Intuit Stock Performance

INTU stock traded down $1.07 on Thursday, hitting $710.64. The company had a trading volume of 1,240,965 shares, compared to its average volume of 1,609,849. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $813.70. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The stock's 50-day simple moving average is $764.85 and its 200 day simple moving average is $670.19. The stock has a market cap of $198.23 billion, a price-to-earnings ratio of 57.68, a P/E/G ratio of 2.74 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last issued 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. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. During the same quarter last year, the company posted $9.88 earnings per share. The firm's quarterly revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts expect that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

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

Insiders Place Their Bets

In related news, EVP Marianna Tessel sold 34,329 shares of Intuit stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the transaction, the executive vice president directly owned 40,767 shares in the company, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction on 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 transaction, the chief financial officer owned 197 shares in the company, valued at $143,047.61. This trade represents a 98.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is currently owned by corporate insiders.

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.