Mediolanum International Funds Ltd Purchases 11,031 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Mediolanum International Funds Ltd increased its stake in Intuit Inc. by 10.1%, owning a total of 119,880 shares worth approximately $71.8 million after buying 11,031 additional shares in Q1.
• Intuit reported a quarterly EPS of $11.65, exceeding estimates, and had a revenue of $7.75 billion, marking a 15.1% increase compared to the previous year.
• Analysts have upgraded Intuit to a consensus rating of “Moderate Buy”, with a majority issuing buy ratings and price targets ranging from $785 to $825.

Mediolanum International Funds Ltd raised its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 10.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 119,880 shares of the software maker's stock after purchasing an additional 11,031 shares during the period. Intuit accounts for 1.0% of Mediolanum International Funds Ltd's holdings, making the stock its 17th biggest holding. Mediolanum International Funds Ltd's holdings in Intuit were worth $71,799,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INTU. Copia Wealth Management acquired a new position in shares of Intuit during the fourth quarter valued at about $25,000. Summit Securities Group LLC acquired a new position in shares of Intuit during the fourth quarter valued at about $28,000. Heck Capital Advisors LLC acquired a new position in shares of Intuit during the fourth quarter valued at about $28,000. Olde Wealth Management LLC acquired a new position in shares of Intuit during the first quarter valued at about $37,000. Finally, Atlantic Edge Private Wealth Management LLC grew its holdings in shares of Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock valued at $50,000 after buying an additional 68 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on INTU shares. Barclays reaffirmed an "overweight" rating and issued a $815.00 price objective (up from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $850.00 price objective (up previously from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Scotiabank upgraded shares of Intuit from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the company from $600.00 to $700.00 in a research note on Thursday, April 17th. Piper Sandler reiterated an "overweight" rating and issued a $825.00 price objective (up previously from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, UBS Group set a $750.00 price objective on shares of Intuit and gave the company a "neutral" rating in a research note on Friday, May 23rd. One investment 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $806.27.

Insider Buying and Selling

In related news, EVP Laura A. Fennell sold 25,648 shares of Intuit stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $752.25, for a total value of $19,293,708.00. Following the transaction, the executive vice president owned 22,796 shares in the company, valued at $17,148,291. This trade represents a 52.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the transaction, the chief financial officer owned 197 shares in the company, valued at approximately $143,047.61. The trade was a 98.79% 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 over the last 90 days. Insiders own 2.68% of the company's stock.

Intuit Price Performance

NASDAQ:INTU traded up $4.75 during trading hours on Wednesday, hitting $811.09. The stock had a trading volume of 651,249 shares, compared to its average volume of 1,769,399. Intuit Inc. has a one year low of $532.65 and a one year high of $811.27. 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 firm has a market capitalization of $226.25 billion, a price-to-earnings ratio of 65.84, a P/E/G ratio of 3.54 and a beta of 1.27. The company has a 50 day simple moving average of $760.66 and a two-hundred day simple moving average of $658.48.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly 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 return on equity of 21.46% and a net margin of 19.07%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the previous year, the company posted $9.88 earnings per share. The company's revenue was up 15.1% compared to the same quarter last year. Research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors 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 0.51%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's payout ratio is presently 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.