Nuveen LLC Buys Shares of 1,436,556 Intuit Inc. (NASDAQ:INTU)

Key Points

• Nuveen LLC invested approximately $882 million in Intuit Inc., acquiring over 1.4 million shares, representing a 0.51% ownership stake.
• Intuit's earnings per share for the last quarter were reported at $11.65, surpassing analysts' expectations of $10.89, alongside a year-over-year revenue increase of 15.1%.
• Several analysts have upgraded Intuit's stock ratings, with price target increases from firms like Scotiabank and HSBC, projecting targets between $600 and $850.

Nuveen LLC bought a new stake in Intuit Inc. (NASDAQ:INTU - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,436,556 shares of the software maker's stock, valued at approximately $882,031,000. Nuveen LLC owned approximately 0.51% of Intuit at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Copia Wealth Management bought a new position in shares of Intuit during the 4th quarter worth approximately $25,000. Heck Capital Advisors LLC acquired a new position in Intuit during the fourth quarter worth $28,000. Olde Wealth Management LLC bought a new position in shares of Intuit during the first quarter valued at $37,000. Atlantic Edge Private Wealth Management LLC lifted 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 acquiring an additional 68 shares during the period. Finally, Hughes Financial Services LLC acquired a new stake in shares of Intuit in the 1st quarter valued at $50,000. 83.66% of the stock is owned by institutional investors.

Analyst Ratings Changes

INTU has been the subject of a number of recent analyst reports. Citigroup reiterated a "buy" rating and set a $789.00 target price (up previously from $726.00) on shares of Intuit in a research report on Friday, May 23rd. KeyCorp reaffirmed an "overweight" rating and set a $850.00 price objective (up previously from $770.00) on shares of Intuit in a report on Friday, May 23rd. The Goldman Sachs Group lifted their target price on shares of Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Hsbc Global Res upgraded Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. Finally, Wall Street Zen raised Intuit from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. One 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 given a strong buy rating to the stock. Based on data from MarketBeat, Intuit currently has an average rating of "Moderate Buy" and an average target price of $806.27.

Insider Activity

In other news, EVP Marianna Tessel sold 34,329 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was 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 $31,017,164.28. This represents a 45.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 16,061 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the sale, the chief financial officer owned 197 shares in the company, valued at $143,047.61. This represents a 98.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 279,800 shares of company stock valued at $209,725,054. Insiders own 2.68% of the company's stock.

Intuit Trading Down 0.2%

NASDAQ INTU traded down $1.77 during trading hours on Wednesday, hitting $711.71. The company's stock had a trading volume of 1,602,267 shares, compared to its average volume of 1,773,136. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $813.70. The firm has a market capitalization of $198.53 billion, a P/E ratio of 57.77, a PEG ratio of 2.72 and a beta of 1.28. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average of $767.07 and a 200 day moving average of $669.18.

Intuit (NASDAQ:INTU - Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.88 EPS. Equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal 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 issued a dividend of $1.04 per share. The ex-dividend date 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 (DPR) is 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.