Resona Asset Management Co. Ltd. Acquires 6,579 Shares of Intuit Inc. (NASDAQ:INTU)

Resona Asset Management Co. Ltd. lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 7.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 91,946 shares of the software maker’s stock after acquiring an additional 6,579 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Intuit were worth $56,238,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in INTU. Brighton Jones LLC boosted its stake in Intuit by 61.3% in the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker’s stock valued at $2,233,000 after purchasing an additional 1,350 shares during the period. Revolve Wealth Partners LLC boosted its stake in Intuit by 145.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker’s stock valued at $511,000 after purchasing an additional 482 shares during the period. Bank Pictet & Cie Europe AG boosted its stake in Intuit by 14.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker’s stock valued at $1,252,000 after purchasing an additional 248 shares during the period. FIL Ltd boosted its stake in Intuit by 38.9% in the 4th quarter. FIL Ltd now owns 1,592 shares of the software maker’s stock valued at $1,001,000 after purchasing an additional 446 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its stake in Intuit by 14.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 26,040 shares of the software maker’s stock valued at $16,370,000 after purchasing an additional 3,377 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Intuit news, insider Scott D. Cook sold 72,442 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the transaction, the insider owned 6,063,495 shares of the company’s stock, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kerry J. Mclean sold 16,700 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 23,101 shares of the company’s stock, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their position. 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. Company insiders own 2.68% of the company’s stock.

Intuit Price Performance

Intuit stock opened at $706.09 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $813.70. The stock has a market capitalization of $196.96 billion, a P/E ratio of 57.31, a price-to-earnings-growth ratio of 2.89 and a beta of 1.28. The stock has a fifty day moving average of $768.10 and a 200-day moving average of $668.87.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter in the previous year, the firm earned $9.88 EPS. Intuit’s revenue was up 15.1% on a year-over-year basis. On average, sell-side analysts expect that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit’s dividend payout ratio is presently 33.77%.

Wall Street Analyst Weigh In

INTU has been the subject of several recent research reports. Scotiabank upgraded Intuit from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $600.00 to $700.00 in a research note on Thursday, April 17th. Wells Fargo & Company set a $880.00 price target on Intuit and gave the company an “overweight” rating in a research note on Friday, June 13th. Wall Street Zen upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Tuesday, April 29th. Evercore ISI boosted their price target on Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a research note on Friday, May 23rd. Finally, Morgan Stanley lifted their price objective on Intuit from $785.00 to $900.00 and gave the company an “overweight” rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $806.27.

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.