Jennison Associates LLC Makes New $5.42 Million Investment in Intuit Inc. (NASDAQ:INTU)

Jennison Associates LLC bought a new position in shares of Intuit Inc. (NASDAQ:INTU) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,673 shares of the software maker’s stock, valued at approximately $5,421,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. NewSquare Capital LLC bought a new position in shares of Intuit in the 3rd quarter valued at $25,000. Cape Investment Advisory Inc. bought a new position in shares of Intuit in the 3rd quarter valued at $26,000. MCF Advisors LLC lifted its stake in shares of Intuit by 119.0% in the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after acquiring an additional 25 shares during the last quarter. Steward Financial Group LLC increased its holdings in Intuit by 50.0% in the third quarter. Steward Financial Group LLC now owns 60 shares of the software maker’s stock valued at $30,000 after purchasing an additional 20 shares during the period. Finally, Aspire Private Capital LLC increased its holdings in Intuit by 144.4% in the third quarter. Aspire Private Capital LLC now owns 66 shares of the software maker’s stock valued at $34,000 after purchasing an additional 39 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Intuit Price Performance

Shares of NASDAQ INTU opened at $636.55 on Friday. Intuit Inc. has a fifty-two week low of $400.22 and a fifty-two week high of $671.01. The stock has a market cap of $178.23 billion, a price-to-earnings ratio of 64.95, a PEG ratio of 3.81 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17. The firm’s 50-day simple moving average is $640.26 and its 200 day simple moving average is $602.74.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.33. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter last year, the firm earned $1.05 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, research analysts anticipate that Intuit Inc. will post 11.27 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th were given a dividend of $0.90 per share. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $3.60 annualized dividend and a dividend yield of 0.57%. Intuit’s dividend payout ratio is currently 36.73%.

Analyst Ratings Changes

A number of analysts recently weighed in on INTU shares. Mizuho increased their price objective on Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Stifel Nicolaus increased their price objective on Intuit from $600.00 to $720.00 and gave the company a “buy” rating in a report on Friday, February 23rd. BMO Capital Markets restated an “outperform” rating and issued a $700.00 price objective on shares of Intuit in a report on Tuesday, March 26th. Barclays increased their price objective on Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Finally, Piper Sandler increased their price target on Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Five analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $650.23.

Insiders Place Their Bets

In other Intuit news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the transaction, the executive vice president now owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Lauren D. Hotz sold 745 shares of Intuit stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $655.13, for a total value of $488,071.85. Following the sale, the chief accounting officer now owns 3,180 shares of the company’s stock, valued at approximately $2,083,313.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the completion of the sale, the executive vice president now directly owns 22,948 shares in the company, valued at approximately $15,233,800.32. The disclosure for this sale can be found here. Insiders have sold a total of 4,717 shares of company stock valued at $3,117,156 in the last 90 days. 2.90% of the stock is currently owned by corporate 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.