Westpac Banking Corp Trims Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• Westpac Banking Corp reduced its holdings in Intuit Inc. by 7.0%, following a sale of 1,919 shares, bringing their total ownership to approximately 25,333 shares valued at $15.55 million.
• Intuit's quarterly earnings showed a strong performance, reporting $11.65 earnings per share, exceeding analysts' expectations of $10.89, along with a revenue increase of 15.1% year-over-year.
• The company's stock has experienced significant interest from institutional investors, with 83.66% of shares held by hedge funds, while analysts have set a consensus price target of $806.27 for the stock.

Westpac Banking Corp cut its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 7.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,333 shares of the software maker's stock after selling 1,919 shares during the period. Intuit accounts for approximately 1.1% of Westpac Banking Corp's holdings, making the stock its 10th biggest holding. Westpac Banking Corp's holdings in Intuit were worth $15,554,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. lifted its holdings in Intuit by 18.4% during the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock valued at $71,000 after purchasing an additional 18 shares during the last quarter. Chris Bulman Inc lifted its holdings in Intuit by 1.2% during 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 lifted its holdings 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 last quarter. Norden Group LLC lifted its holdings in Intuit by 1.2% during the 1st quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock valued at $1,021,000 after purchasing an additional 19 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its holdings in Intuit by 2.6% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 791 shares of the software maker's stock valued at $486,000 after purchasing an additional 20 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Bank of America raised their price target on Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a report on Friday, May 23rd. JPMorgan Chase & Co. increased their price objective on Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Citigroup reiterated a "buy" rating and set a $789.00 price objective (up previously from $726.00) on shares of Intuit in a research report on Friday, May 23rd. Wall Street Zen upgraded Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. Finally, Piper Sandler reiterated an "overweight" rating and set a $825.00 price objective (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. One equities 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $806.27.

Intuit Price Performance

Shares of NASDAQ INTU traded down $1.77 during mid-day trading on Wednesday, reaching $711.71. The company had a trading volume of 1,602,299 shares, compared to its average volume of 1,592,884. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. Intuit Inc. has a one year low of $532.65 and a one year high of $813.70. The firm has a market cap of $198.53 billion, a price-to-earnings ratio of 57.77, a PEG ratio of 2.75 and a beta of 1.28. The business's 50-day simple moving average is $765.97 and its 200 day simple moving average is $669.47.

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. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The firm had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. During the same quarter in the previous year, the business posted $9.88 earnings per share. The business's revenue for the quarter was up 15.1% on a year-over-year basis. On average, research analysts predict 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 was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Thursday, July 10th. Intuit's payout ratio is currently 33.77%.

Insider Transactions at Intuit

In other Intuit news, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction dated Tuesday, May 27th. The stock was 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. The trade was a 98.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Scott D. Cook sold 72,442 shares of Intuit stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the transaction, the insider owned 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 279,800 shares of company stock valued at $209,725,054. Company insiders own 2.68% of the company's stock.

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.