Intuit Inc. (NASDAQ:INTU) Shares Purchased by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Intuit Inc. by 7.7%, owning $56.24 million worth of shares after purchasing an additional 6,579 shares.
• Intuit's stock recently experienced a decline of 5.7%, with opening prices reported at $706.09, and has seen a significant range between a twelve-month low of $532.65 and a high of $813.70.
• In their latest quarterly earnings, Intuit reported earnings per share of $11.65, exceeding analysts' estimates, and reported a revenue increase of 15.1% year-over-year.

Resona Asset Management Co. Ltd. boosted its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 7.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,946 shares of the software maker's stock after acquiring an additional 6,579 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Intuit were worth $56,238,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Invesco Ltd. increased its stake in shares of Intuit by 1.2% during the first quarter. Invesco Ltd. now owns 3,078,686 shares of the software maker's stock worth $1,890,282,000 after acquiring an additional 36,513 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Intuit by 4.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,841,590 shares of the software maker's stock worth $1,130,718,000 after acquiring an additional 82,419 shares during the period. Pinnacle Financial Partners Inc increased its stake in shares of Intuit by 3.6% during the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock worth $10,922,000 after acquiring an additional 623 shares during the period. Capitolis Liquid Global Markets LLC acquired a new position in Intuit during the fourth quarter worth about $109,988,000. Finally, Malaga Cove Capital LLC grew its position in Intuit by 110.6% during the first quarter. Malaga Cove Capital LLC now owns 874 shares of the software maker's stock worth $537,000 after buying an additional 459 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Performance

Shares of NASDAQ:INTU traded down $1.77 during trading on Wednesday, reaching $711.71. 1,602,299 shares of the company's stock traded hands, compared to its average volume of 1,592,884. 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. The company has a 50 day moving average of $765.97 and a 200-day moving average of $669.47. The stock has a market capitalization of $198.53 billion, a P/E ratio of 57.77, a price-to-earnings-growth ratio of 2.75 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the prior year, the firm earned $9.88 EPS. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, equities analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Evercore ISI upped their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $850.00 target price (up from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Bank of America upped their target price on shares of Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Citigroup restated a "buy" rating and set a $789.00 target price (up from $726.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Barclays restated an "overweight" rating and set a $815.00 target price (up from $775.00) on shares of Intuit in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $806.27.

Insider Buying and Selling at Intuit

In other Intuit news, CAO Lauren D. Hotz sold 1,738 shares of the business'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 transaction, the chief accounting officer directly owned 455 shares of the company's stock, valued at $356,760.95. The trade was a 79.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Alex G. Balazs sold 882 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $781.63, for a total transaction of $689,397.66. 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 owned by company insiders.

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.