Mitsubishi UFJ Asset Management Co. Ltd. Has $319.11 Million Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Intuit Inc. by 11.9%, acquiring an additional 55,074 shares, bringing their total ownership to 519,725 shares valued at approximately $319 million.
• Recent insider transactions saw EVP Marianna Tessel sell 34,329 shares, while EVP Kerry J. Mclean sold 16,700 shares, collectively reducing their ownership significantly.
• Intuit reported strong quarterly earnings with an EPS of $11.65, exceeding estimates, and announced a quarterly dividend of $1.04 per share, representing an annualized yield of 0.5%.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 11.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 519,725 shares of the software maker's stock after acquiring an additional 55,074 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.19% of Intuit worth $319,106,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Copia Wealth Management acquired a new position in Intuit in the fourth quarter worth $25,000. Heck Capital Advisors LLC acquired a new position in Intuit in the fourth quarter worth $28,000. Olde Wealth Management LLC acquired a new position in Intuit in the first quarter worth $37,000. Atlantic Edge Private Wealth Management LLC lifted its stake 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 acquiring an additional 68 shares during the period. Finally, Hughes Financial Services LLC acquired a new position in shares of Intuit during the first quarter valued at $50,000. 83.66% of the stock is currently owned by institutional investors.

Insider Transactions at Intuit

In other news, EVP Laura A. Fennell sold 25,648 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 22,796 shares of the company's stock, valued at $17,148,291. This trade represents a 52.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Marianna Tessel sold 34,329 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total value of $26,118,876.36. Following the completion of the sale, the executive vice president directly owned 40,767 shares of the company's stock, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on INTU. Piper Sandler reaffirmed an "overweight" rating and set a $825.00 price target (up previously from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Hsbc Global Res raised Intuit from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 23rd. Oppenheimer upped their price objective on Intuit from $742.00 to $868.00 and gave the company an "outperform" rating in a report on Monday, July 28th. CLSA initiated coverage on Intuit in a report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price objective for the company. Finally, Susquehanna reiterated a "positive" rating on shares of Intuit in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $806.27.

Intuit Stock Down 1.7%

Shares of INTU stock traded down $12.61 on Friday, hitting $749.00. 1,670,219 shares of the stock were exchanged, compared to its average volume of 1,423,083. 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 $208.93 billion, a P/E ratio of 60.80, a price-to-earnings-growth ratio of 2.93 and a beta of 1.28. The business has a 50-day moving average of $769.27 and a 200 day moving average of $667.24. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $813.70.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business's revenue was up 15.1% compared to the same quarter last year. During the same period last year, the company earned $9.88 earnings per share. Equities analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were paid 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 dividend payout ratio (DPR) is currently 33.77%.

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.