Sumitomo Mitsui Trust Holdings Inc. Has $558.93 Million Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Sumitomo Mitsui Trust Holdings Inc. decreased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 4.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 859,888 shares of the software maker’s stock after selling 43,767 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.31% of Intuit worth $558,927,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in INTU. SeaCrest Wealth Management LLC grew its stake in shares of Intuit by 18.5% during the first quarter. SeaCrest Wealth Management LLC now owns 616 shares of the software maker’s stock valued at $400,000 after purchasing an additional 96 shares during the last quarter. Naviter Wealth LLC increased its stake in shares of Intuit by 20.1% in the 1st quarter. Naviter Wealth LLC now owns 2,506 shares of the software maker’s stock valued at $1,629,000 after buying an additional 419 shares during the period. Capital Advisors Ltd. LLC raised its position in shares of Intuit by 2.6% during the first quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock worth $429,000 after acquiring an additional 17 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH acquired a new position in shares of Intuit during the first quarter valued at $229,000. Finally, Edmonds Duncan Registered Investment Advisors LLC bought a new position in Intuit in the first quarter valued at about $202,000. Institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

INTU has been the topic of a number of research reports. Susquehanna cut their target price on shares of Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a research report on Friday, May 24th. Jefferies Financial Group restated a “buy” rating and issued a $770.00 price objective on shares of Intuit in a report on Thursday, June 13th. Royal Bank of Canada assumed coverage on shares of Intuit in a report on Wednesday. They set an “outperform” rating and a $760.00 target price for the company. Stifel Nicolaus cut their price target on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Finally, Piper Sandler raised their price target on Intuit from $750.00 to $760.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, Intuit has an average rating of “Moderate Buy” and a consensus price target of $687.22.

Insider Activity

In other news, CFO Sandeep Aujla sold 1,415 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the sale, the chief financial officer now directly owns 2,332 shares of the company’s stock, valued at approximately $1,409,880.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Intuit news, insider Scott D. Cook sold 27,309 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total value of $16,198,606.44. Following the transaction, the insider now directly owns 6,524,412 shares in the company, valued at $3,870,020,221.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Sandeep Aujla sold 1,415 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the sale, the chief financial officer now owns 2,332 shares of the company’s stock, valued at approximately $1,409,880.56. The disclosure for this sale can be found here. Insiders sold a total of 193,937 shares of company stock valued at $113,123,232 in the last quarter. Company insiders own 2.90% of the company’s stock.

Intuit Stock Up 0.6 %

Shares of NASDAQ INTU traded up $3.65 during mid-day trading on Wednesday, hitting $659.87. The company had a trading volume of 158,012 shares, compared to its average volume of 1,337,332. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm has a 50-day simple moving average of $619.43 and a two-hundred day simple moving average of $628.63. The company has a market capitalization of $184.47 billion, a PE ratio of 60.54, a price-to-earnings-growth ratio of 3.76 and a beta of 1.23. Intuit Inc. has a one year low of $444.19 and a one year high of $676.62.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.65 billion. During the same period last year, the company earned $7.80 earnings per share. The business’s revenue was up 11.9% compared to the same quarter last year. On average, equities analysts expect that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s dividend payout ratio is currently 33.21%.

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.