Jennison Associates LLC Grows Position in Intuit Inc. (NASDAQ:INTU)

Jennison Associates LLC increased its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 168.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,444 shares of the software maker's stock after purchasing an additional 4,044 shares during the quarter. Jennison Associates LLC's holdings in Intuit were worth $3,957,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Pinnacle Financial Partners Inc raised its stake in Intuit by 3.6% during the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock valued at $10,922,000 after buying an additional 623 shares during the last quarter. Capitolis Liquid Global Markets LLC purchased a new position in shares of Intuit in the fourth quarter worth $109,988,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Intuit in the first quarter worth $2,285,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Intuit in the fourth quarter worth $237,244,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Intuit by 16.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 6,905 shares of the software maker's stock worth $4,240,000 after acquiring an additional 962 shares during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Stock Down 0.4%

Intuit stock opened at $752.63 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The business's 50-day simple moving average is $743.99 and its two-hundred day simple moving average is $650.97. The company has a market cap of $209.94 billion, a PE ratio of 61.09, a PEG ratio of 3.34 and a beta of 1.27. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $790.60.

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

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were paid a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.55%. Intuit's dividend payout ratio is presently 33.77%.

Insider Transactions at Intuit

In related news, EVP Marianna Tessel sold 34,329 shares of Intuit stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $760.84, for a total value of $26,118,876.36. Following the sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Kerry J. Mclean sold 16,700 shares of Intuit stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the sale, the executive vice president owned 23,101 shares in the company, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 over the last quarter. Company insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

INTU has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Piper Sandler reissued an "overweight" rating and set a $825.00 price target (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. Oppenheimer reaffirmed an "outperform" rating and issued a $742.00 price objective (up previously from $642.00) on shares of Intuit in a research note on Friday, May 23rd. Jefferies Financial Group set a $850.00 price objective on Intuit and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, The Goldman Sachs Group upped their price objective on Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $800.55.

About Intuit

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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