CIBC World Markets Inc. Has $2.11 Million Stake in Intuit Inc. (NASDAQ:INTU)

CIBC World Markets Inc. trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 10.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,497 shares of the software maker’s stock after selling 672 shares during the period. CIBC World Markets Inc.’s holdings in Intuit were worth $2,106,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Intuit by 6.8% in the 1st quarter. BlackRock Inc. now owns 23,146,353 shares of the software maker’s stock valued at $8,866,442,000 after buying an additional 1,464,341 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Intuit by 2.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 21,561,386 shares of the software maker’s stock valued at $8,179,575,000 after buying an additional 557,239 shares during the period. FMR LLC increased its stake in shares of Intuit by 8.4% in the 4th quarter. FMR LLC now owns 6,773,875 shares of the software maker’s stock valued at $2,573,057,000 after buying an additional 527,143 shares during the period. Brown Advisory Inc. increased its stake in shares of Intuit by 4.6% in the 4th quarter. Brown Advisory Inc. now owns 3,504,005 shares of the software maker’s stock valued at $1,330,997,000 after buying an additional 152,823 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Intuit by 1.4% in the 4th quarter. Bank of New York Mellon Corp now owns 3,034,014 shares of the software maker’s stock valued at $1,152,471,000 after buying an additional 41,999 shares during the period. 83.82% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:INTU opened at $471.33 on Friday. Intuit Inc. has a 12-month low of $274.19 and a 12-month high of $473.71. The company has a market capitalization of $128.80 billion, a PE ratio of 60.43, a PEG ratio of 4.25 and a beta of 1.00. The stock’s 50 day moving average price is $420.95. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.20.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Monday, May 24th. The software maker reported $6.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.19 by ($0.12). Intuit had a return on equity of 28.76% and a net margin of 23.93%. The firm had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.27 billion. During the same quarter in the prior year, the firm earned $4.49 EPS. The company’s revenue was up 39.0% on a year-over-year basis. On average, analysts forecast that Intuit Inc. will post 7.26 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 19th. Stockholders of record on Monday, July 12th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date is Friday, July 9th. Intuit’s dividend payout ratio is presently 35.98%.

In related news, EVP James Alexander Chriss sold 437 shares of the business’s stock in a transaction that occurred on Thursday, May 27th. The stock was sold at an average price of $436.21, for a total value of $190,623.77. Following the completion of the sale, the executive vice president now directly owns 627 shares in the company, valued at $273,503.67. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michelle M. Clatterbuck sold 414 shares of the business’s stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $436.21, for a total value of $180,590.94. Following the completion of the sale, the chief financial officer now owns 546 shares of the company’s stock, valued at $238,170.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 168,912 shares of company stock valued at $72,890,386. Corporate insiders own 3.38% of the company’s stock.

Several research analysts have recently issued reports on the company. KeyCorp raised their price target on Intuit from $450.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 26th. UBS Group lifted their target price on Intuit from $375.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 24th. Barclays lifted their target price on Intuit from $482.00 to $540.00 and gave the stock an “overweight” rating in a report on Wednesday, May 26th. Piper Sandler boosted their price target on Intuit from $470.00 to $498.00 and gave the company an “overweight” rating in a report on Wednesday, May 26th. Finally, Wells Fargo & Company boosted their price target on Intuit from $450.00 to $510.00 and gave the company an “overweight” rating in a report on Wednesday, May 26th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Intuit presently has an average rating of “Buy” and an average target price of $465.71.

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 three segments: Small Business & Self-Employed, Consumer, and Strategic Partner.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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