Intuit Inc. (NASDAQ:INTU) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. has reduced its holdings in Intuit Inc. by 5.6% to a value of $46.79 million after selling 4,491 shares in the first quarter.
• Wall Street analysts are optimistic, with Barclays and KeyCorp raising their price targets for Intuit to $815.00 and $850.00, respectively, reflecting a strong buy rating consensus.
• Intuit reported strong quarterly earnings, with an EPS of $11.65, surpassing expectations, and a revenue increase of 15.1% year-over-year, amounting to $7.75 billion.

Nikko Asset Management Americas Inc. lessened its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 5.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 76,233 shares of the software maker's stock after selling 4,491 shares during the period. Nikko Asset Management Americas Inc.'s holdings in Intuit were worth $46,790,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Copia Wealth Management purchased a new position in Intuit during the fourth quarter valued at approximately $25,000. Summit Securities Group LLC purchased a new position in Intuit in the fourth quarter worth $28,000. Heck Capital Advisors LLC purchased a new position in Intuit in the fourth quarter worth $28,000. Olde Wealth Management LLC acquired a new stake in shares of Intuit in the 1st quarter worth $37,000. Finally, Atlantic Edge Private Wealth Management LLC grew its stake in Intuit by 523.1% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after buying an additional 68 shares during the last quarter. Institutional investors own 83.66% of the company's stock.

Intuit Trading Up 0.7%

Shares of NASDAQ INTU traded up $5.54 during trading on Wednesday, hitting $811.88. 680,393 shares of the company were exchanged, compared to its average volume of 1,769,758. The company has a fifty day moving average price of $760.66 and a 200-day moving average price of $658.48. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The firm has a market capitalization of $226.47 billion, a PE ratio of 65.87, a P/E/G ratio of 3.54 and a beta of 1.27. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $811.70.

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, beating the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. Intuit's revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the business posted $9.88 EPS. As a group, equities research analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.51%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Wall Street Analyst Weigh In

A number of research firms have commented on INTU. Citigroup reiterated a "buy" rating and issued a $789.00 price target (up from $726.00) on shares of Intuit in a research note on Friday, May 23rd. Scotiabank raised shares of Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their target price for the stock from $600.00 to $700.00 in a research report on Thursday, April 17th. Wells Fargo & Company set a $880.00 price target on shares of Intuit and gave the stock an "overweight" rating in a report on Friday, June 13th. CLSA began coverage on shares of Intuit in a report on Thursday, June 26th. They set an "outperform" rating and a $900.00 price objective on the stock. Finally, KeyCorp restated an "overweight" rating and issued a $850.00 target price (up previously from $770.00) on shares of Intuit 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 assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Intuit presently has a consensus rating of "Moderate Buy" and an average price target of $806.27.

Insider Activity at Intuit

In other Intuit news, EVP Marianna Tessel sold 34,329 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the completion of the transaction, the executive vice president owned 40,767 shares of the company's stock, valued at $31,017,164.28. This trade represents a 45.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the transaction, the executive vice president directly owned 23,101 shares of the company's stock, valued at approximately $16,844,325.16. This trade represents a 41.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock valued at $209,725,054 over the last quarter. 2.68% of the stock is owned by insiders.

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.