Thomas White International Ltd. Grows Position in Intuit Inc. (NASDAQ:INTU)

Thomas White International Ltd. grew its holdings in Intuit Inc. (NASDAQ:INTU) by 12,580.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,268 shares of the software maker’s stock after buying an additional 1,258 shares during the quarter. Thomas White International Ltd.’s holdings in Intuit were worth $565,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Intuit in the fourth quarter worth about $1,173,468,000. Moneta Group Investment Advisors LLC lifted its stake in Intuit by 118,345.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,088,194 shares of the software maker’s stock worth $812,767,000 after purchasing an additional 2,086,431 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Intuit by 42.5% during the 4th quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock worth $1,340,830,000 after purchasing an additional 1,027,752 shares during the last quarter. Artisan Partners Limited Partnership grew its position in shares of Intuit by 220.5% in the first quarter. Artisan Partners Limited Partnership now owns 992,218 shares of the software maker’s stock valued at $442,361,000 after purchasing an additional 682,644 shares in the last quarter. Finally, Capital World Investors increased its holdings in shares of Intuit by 140.3% in the first quarter. Capital World Investors now owns 859,308 shares of the software maker’s stock valued at $413,190,000 after purchasing an additional 501,656 shares during the last quarter. 82.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INTU. Mizuho raised their price objective on Intuit from $550.00 to $600.00 and gave the stock a “buy” rating in a research report on Thursday. KeyCorp upped their price objective on shares of Intuit from $535.00 to $600.00 and gave the stock an “overweight” rating in a report on Thursday. BMO Capital Markets lifted their target price on shares of Intuit from $560.00 to $605.00 and gave the company an “outperform” rating in a report on Thursday. Piper Sandler boosted their target price on Intuit from $497.00 to $528.00 and gave the company an “overweight” rating in a research report on Friday, August 25th. Finally, Barclays raised their price target on Intuit from $495.00 to $570.00 and gave the stock an “overweight” rating in a research report on Friday, August 18th. Four equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $546.55.

Insider Buying and Selling

In other Intuit news, EVP Laura A. Fennell sold 53,741 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $450.96, for a total transaction of $24,235,041.36. Following the transaction, the executive vice president now directly owns 39,896 shares in the company, valued at $17,991,500.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Laura A. Fennell sold 53,741 shares of Intuit stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $450.96, for a total transaction of $24,235,041.36. Following the completion of the transaction, the executive vice president now directly owns 39,896 shares of the company’s stock, valued at $17,991,500.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Lauren D. Hotz sold 550 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $549.42, for a total value of $302,181.00. Following the completion of the transaction, the chief accounting officer now owns 2,054 shares of the company’s stock, valued at approximately $1,128,508.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 82,225 shares of company stock valued at $39,409,161. Corporate insiders own 3.18% of the company’s stock.

Intuit Stock Performance

Shares of NASDAQ:INTU traded down $3.05 on Friday, reaching $550.56. The company’s stock had a trading volume of 1,245,048 shares, compared to its average volume of 1,322,083. The stock has a market capitalization of $154.32 billion, a P/E ratio of 65.23, a PEG ratio of 3.36 and a beta of 1.19. Intuit Inc. has a 52-week low of $352.63 and a 52-week high of $558.64. The stock’s 50-day moving average is $500.29 and its two-hundred day moving average is $454.86. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.47 and a quick ratio of 1.51.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 24th. The software maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.22. Intuit had a return on equity of 16.61% and a net margin of 16.59%. The company had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.64 billion. During the same period last year, the business posted $0.22 EPS. The company’s revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts forecast that Intuit Inc. will post 11.25 EPS for the current year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 17th. Shareholders of record on Monday, October 9th will be given a $0.90 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $3.60 annualized dividend and a yield of 0.65%. Intuit’s dividend payout ratio is presently 36.97%.

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 ProConnect.