Magellan Asset Management Ltd Has $205.03 Million Stake in Intuit Inc. (NASDAQ:INTU)

Key Points

• Magellan Asset Management Ltd sold 65,369 shares of Intuit Inc., reducing its stake by 16.4%, and now owns 333,937 shares valued at approximately $205 million.
• Intuit reported $11.65 EPS for the quarter, surpassing estimates by $0.76, with a year-over-year revenue increase of 15.1% to $7.75 billion.
• Numerous analysts have upgraded their ratings for Intuit, with target prices ranging from $789 to $900, reflecting a positive outlook for the stock.

Magellan Asset Management Ltd reduced its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 16.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 333,937 shares of the software maker's stock after selling 65,369 shares during the quarter. Intuit makes up about 2.5% of Magellan Asset Management Ltd's portfolio, making the stock its 16th biggest holding. Magellan Asset Management Ltd owned 0.12% of Intuit worth $205,034,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in INTU. GAMMA Investing LLC lifted its holdings in Intuit by 69,701.9% during the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock worth $17,348,790,000 after purchasing an additional 2,821,534 shares during the last quarter. Nicholas Hoffman & Company LLC. bought a new position in Intuit during the 1st quarter worth $785,564,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Intuit by 33.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock worth $1,930,765,000 after buying an additional 771,232 shares in the last quarter. Unisphere Establishment boosted its position in shares of Intuit by 50.0% in the fourth quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker's stock valued at $942,750,000 after acquiring an additional 500,000 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Intuit by 17.3% in the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock valued at $2,118,682,000 after acquiring an additional 498,030 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 16,061 shares of the business's 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 sale, the chief financial officer owned 197 shares of the company's stock, valued at $143,047.61. The trade was a 98.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Laura A. Fennell sold 25,648 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $752.25, for a total value of $19,293,708.00. Following the transaction, the executive vice president directly 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 disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock valued at $209,725,054 in the last quarter. Insiders own 2.68% of the company's stock.

Analyst Ratings Changes

INTU has been the subject of a number of recent research reports. Hsbc Global Res raised shares of Intuit from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. UBS Group set a $750.00 price target on Intuit and gave the company a "neutral" rating in a research note on Friday, May 23rd. CLSA started coverage on Intuit in a research note on Thursday, June 26th. They set an "outperform" rating and a $900.00 price objective on the stock. Finally, Barclays reaffirmed an "overweight" rating and issued a $815.00 price objective (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. One equities 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 given a strong buy rating to the stock. According to data from MarketBeat.com, Intuit presently has a consensus rating of "Moderate Buy" and an average price target of $806.27.

Intuit Price Performance

INTU stock traded down $1.77 during midday trading on Wednesday, reaching $711.71. 1,602,267 shares of the stock were exchanged, compared to its average volume of 1,773,136. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $813.70. The company has a fifty day moving average price of $767.07 and a 200 day moving average price of $669.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The stock has a market capitalization of $198.53 billion, a PE ratio of 57.77, a P/E/G ratio of 2.72 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results 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 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 analyst estimates of $7.56 billion. During the same period last year, the firm posted $9.88 earnings per share. The business's revenue for the quarter was up 15.1% on a year-over-year basis. As a group, analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Thursday, July 10th. Intuit's payout ratio is 33.77%.

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.