Mitsubishi UFJ Asset Management UK Ltd. Boosts Stake in Intuit Inc. (NASDAQ:INTU)

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. increased its stake in Intuit Inc. by 71.4% during Q1, now holding 3,600 shares valued at approximately $2.21 million, making Intuit its 20th largest holding.
• Other institutional investors have also significantly boosted their positions in Intuit, with GAMMA Investing LLC increasing its stake by 69,701.9%, now owning 2.8 million shares worth about $17.35 billion.
• Intuit reported strong earnings with an EPS of $11.65 for the last quarter, exceeding estimates and reflecting a 15.1% year-over-year revenue growth.

Mitsubishi UFJ Asset Management UK Ltd. raised its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 71.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,600 shares of the software maker's stock after purchasing an additional 1,500 shares during the period. Intuit accounts for approximately 1.2% of Mitsubishi UFJ Asset Management UK Ltd.'s investment portfolio, making the stock its 20th biggest holding. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in Intuit were worth $2,210,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Intuit by 69,701.9% in the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock valued at $17,348,790,000 after acquiring an additional 2,821,534 shares during the period. Nuveen LLC acquired a new position in shares of Intuit in the 1st quarter valued at $882,031,000. Nicholas Hoffman & Company LLC. purchased a new stake in Intuit in the first quarter valued at $785,564,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Intuit by 33.5% in 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 valued at $1,930,765,000 after purchasing an additional 771,232 shares during the last quarter. Finally, Unisphere Establishment boosted its holdings in 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 purchasing an additional 500,000 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Performance

Shares of INTU opened at $711.71 on Thursday. The firm's 50 day moving average is $765.97 and its 200-day moving average is $669.47. The stock has a market capitalization of $198.53 billion, a P/E ratio of 57.77, a P/E/G ratio of 2.75 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $813.70.

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

Intuit Dividend Announcement

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

Insider Activity

In related news, Director Richard L. Dalzell sold 333 shares of Intuit stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $768.43, for a total transaction of $255,887.19. Following the transaction, the director owned 15,474 shares of the company's stock, valued at $11,890,685.82. This trade represents a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark P. Notarainni sold 1,147 shares of Intuit stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total transaction of $887,663.30. Following the transaction, the executive vice president directly owned 19 shares in the company, valued at $14,704.10. The trade was a 98.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on INTU shares. HSBC upgraded Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price on the stock in a research report on Wednesday, April 23rd. CLSA assumed coverage on Intuit in a report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price objective on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $850.00 price objective (up from $760.00) on shares of Intuit in a report on Friday, May 23rd. BMO Capital Markets lifted their price objective on Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. Finally, Evercore ISI lifted their price objective on Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating 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 issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Intuit currently has an average rating of "Moderate Buy" and an average price target of $806.27.

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.

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