Mirae Asset Global Investments Co. Ltd. Buys 91,595 Shares of Intuit Inc. (NASDAQ:INTU)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 83.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 201,059 shares of the software maker's stock after purchasing an additional 91,595 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.07% of Intuit worth $123,448,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Intuit by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock worth $16,991,696,000 after purchasing an additional 353,185 shares during the period. Geode Capital Management LLC raised its position in shares of Intuit by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock worth $3,833,720,000 after purchasing an additional 132,384 shares during the period. Wellington Management Group LLP raised its position in shares of Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock worth $3,329,115,000 after purchasing an additional 620,559 shares during the period. Norges Bank acquired a new stake in shares of Intuit during the fourth quarter worth about $2,290,419,000. Finally, Northern Trust Corp raised its position in shares of Intuit by 17.3% during the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock worth $2,118,682,000 after purchasing an additional 498,030 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Intuit Stock Up 0.5%

INTU stock opened at $776.57 on Friday. 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 firm has a market capitalization of $216.62 billion, a PE ratio of 63.03, a PEG ratio of 3.44 and a beta of 1.28. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $787.22. The business's 50 day simple moving average is $700.54 and its 200 day simple moving average is $638.60.

Intuit (NASDAQ:INTU - Get Free Report) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The firm's revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $9.88 EPS. As a group, research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.54%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider now directly owns 6,063,495 shares in the company, valued at $4,494,808,208.55. The trade was a 1.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kerry J. Mclean sold 16,700 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were 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 now owns 23,101 shares of the company's stock, valued at $16,844,325.16. This trade represents a 41.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 272,896 shares of company stock worth $204,351,942 in the last ninety days. 2.68% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target on the stock in a research report on Wednesday, April 23rd. Bank of America lifted their target price on Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Evercore ISI lifted their target price on Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and lifted their target price for the company from $600.00 to $700.00 in a research report on Thursday, April 17th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $820.00 target price (up previously from $714.00) on shares of Intuit in a research report on Friday, May 23rd. One 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $793.05.

Intuit Company 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.

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