Artemis Investment Management LLP Decreases Position in Intuit Inc. (NASDAQ:INTU)

Artemis Investment Management LLP cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 8.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,373 shares of the software maker’s stock after selling 1,713 shares during the period. Artemis Investment Management LLP’s holdings in Intuit were worth $11,547,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in INTU. State Street Corp raised its holdings in shares of Intuit by 1.8% during the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after acquiring an additional 221,885 shares during the period. Geode Capital Management LLC lifted its position in Intuit by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock worth $3,701,762,000 after acquiring an additional 80,463 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Intuit by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock valued at $2,376,984,000 after purchasing an additional 107,482 shares during the period. Legal & General Group Plc grew its stake in shares of Intuit by 1.0% in the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after acquiring an additional 23,995 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Intuit by 4.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock worth $1,428,790,000 after buying an additional 87,517 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on INTU. Scotiabank initiated coverage on Intuit in a research note on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Stifel Nicolaus dropped their target price on Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Piper Sandler reiterated an “overweight” rating and issued a $765.00 price objective on shares of Intuit in a research report on Friday, January 10th. Finally, BNP Paribas downgraded shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $726.53.

Intuit Price Performance

INTU stock opened at $604.13 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a market cap of $169.11 billion, a PE ratio of 58.65, a price-to-earnings-growth ratio of 3.07 and a beta of 1.25. The stock has a 50-day moving average price of $646.09 and a two-hundred day moving average price of $636.93. Intuit Inc. has a 1 year low of $557.29 and a 1 year high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same period last year, the business earned $1.14 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Friday, January 10th. Intuit’s dividend payout ratio is currently 40.39%.

Insider Activity at Intuit

In other news, CFO Sandeep Aujla sold 109 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $628.50, for a total transaction of $68,506.50. Following the completion of the sale, the chief financial officer now owns 1,944 shares in the company, valued at approximately $1,221,804. This trade represents a 5.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Alex G. Balazs sold 23,810 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the completion of the transaction, the executive vice president now directly owns 489 shares in the company, valued at approximately $325,664.22. This represents a 97.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 293,014 shares of company stock valued at $188,992,187. 2.68% of the stock is owned by corporate insiders.

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.