OVERSEA CHINESE BANKING Corp Ltd Raises Holdings in Intuit Inc. (NASDAQ:INTU)

OVERSEA CHINESE BANKING Corp Ltd raised its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 1,133.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,708 shares of the software maker's stock after acquiring an additional 92,543 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Intuit were worth $61,834,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Intuit by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock valued at $16,991,696,000 after acquiring an additional 353,185 shares in the last quarter. Geode Capital Management LLC boosted its stake in Intuit by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock valued at $3,833,720,000 after acquiring an additional 132,384 shares in the last quarter. Wellington Management Group LLP boosted its stake in Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock valued at $3,329,115,000 after acquiring an additional 620,559 shares in the last quarter. Norges Bank acquired a new stake in shares of Intuit during the fourth quarter worth $2,290,419,000. Finally, Brown Advisory Inc. lifted its stake in shares of Intuit by 7.9% during the first quarter. Brown Advisory Inc. now owns 3,444,600 shares of the software maker's stock worth $2,114,950,000 after buying an additional 252,265 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Intuit

In related news, CAO Lauren D. Hotz sold 1,738 shares of the company's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $784.09, for a total transaction of $1,362,748.42. Following the completion of the sale, the chief accounting officer owned 455 shares of the company's stock, valued at approximately $356,760.95. This represents a 79.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard L. Dalzell sold 333 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $768.43, for a total transaction of $255,887.19. Following the sale, the director directly owned 15,474 shares of the company's stock, valued at approximately $11,890,685.82. This represents a 2.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 in the last 90 days. 2.68% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. CLSA assumed coverage on shares of Intuit in a research note on Thursday, June 26th. They set an "outperform" rating and a $900.00 price objective for the company. Royal Bank Of Canada reiterated an "outperform" rating and set a $850.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, May 23rd. KeyCorp reiterated an "overweight" rating and set a $850.00 price objective (up from $770.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, BMO Capital Markets set a $870.00 target price on shares of Intuit and gave the stock an "outperform" rating in a report on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $800.55.

Intuit Price Performance

INTU stock opened at $747.90 on Monday. The stock has a market capitalization of $208.63 billion, a P/E ratio of 60.71, a P/E/G ratio of 3.33 and a beta of 1.27. The firm has a 50-day simple moving average of $733.03 and a 200-day simple moving average of $646.71. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $790.60.

Intuit (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. The business 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 company's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $9.88 earnings per share. Equities analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.56%. Intuit's dividend payout ratio is presently 33.77%.

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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