Pictet Asset Management Holding SA Raises Position in Intuit Inc. (NASDAQ:INTU)

Pictet Asset Management Holding SA lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 55.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,053,197 shares of the software maker's stock after buying an additional 375,742 shares during the period. Intuit comprises about 0.7% of Pictet Asset Management Holding SA's portfolio, making the stock its 23rd biggest holding. Pictet Asset Management Holding SA owned about 0.38% of Intuit worth $646,613,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Legacy Investment Solutions LLC raised its holdings in shares of Intuit by 18.0% during the 4th quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after buying an additional 18 shares in the last quarter. Financial Management Professionals Inc. increased its holdings in Intuit by 18.4% in the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock worth $71,000 after purchasing an additional 18 shares in the last quarter. Chris Bulman Inc increased its holdings in Intuit by 1.2% in the 1st quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after purchasing an additional 18 shares in the last quarter. Plancorp LLC increased its holdings in Intuit by 2.2% in the 4th quarter. Plancorp LLC now owns 889 shares of the software maker's stock worth $559,000 after purchasing an additional 19 shares in the last quarter. Finally, Kolinsky Wealth Management LLC increased its holdings in Intuit by 1.6% in the 4th quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock worth $749,000 after purchasing an additional 19 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on INTU. Oppenheimer reaffirmed an "outperform" rating and issued a $742.00 target price (up previously from $642.00) on shares of Intuit in a report on Friday, May 23rd. KeyCorp reaffirmed an "overweight" rating and issued a $850.00 target price (up previously from $770.00) on shares of Intuit in a report on Friday, May 23rd. Piper Sandler reaffirmed an "overweight" rating and issued a $825.00 target price (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and upped their target price for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. Finally, Hsbc Global Res raised Intuit from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $800.55.

Intuit Trading Down 0.4%

Shares of Intuit stock traded down $2.74 on Friday, hitting $752.63. 1,504,966 shares of the company's stock traded hands, compared to its average volume of 1,624,458. Intuit Inc. has a one year low of $532.65 and a one year high of $790.60. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The company has a fifty day moving average of $743.99 and a two-hundred day moving average of $650.62. The company has a market capitalization of $209.95 billion, a price-to-earnings ratio of 61.09, a price-to-earnings-growth ratio of 3.35 and a beta of 1.27.

Intuit (NASDAQ:INTU - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $9.88 EPS. As a group, sell-side analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.55%. Intuit's payout ratio is currently 33.77%.

Insiders Place Their Bets

In other Intuit news, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the transaction, the executive vice president owned 23,101 shares in the company, valued at approximately $16,844,325.16. This represents a 41.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 25,648 shares of the 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 transaction, the executive vice president owned 22,796 shares in the company, valued at approximately $17,148,291. The trade was a 52.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is currently owned by corporate insiders.

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.