M&G Plc Purchases 5,658 Shares of Intuit Inc. (NASDAQ:INTU)

M&G Plc lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 15.4% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 42,306 shares of the software maker’s stock after buying an additional 5,658 shares during the quarter. M&G Plc’s holdings in Intuit were worth $26,272,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Intech Investment Management LLC grew its stake in Intuit by 134.7% during the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after acquiring an additional 2,641 shares in the last quarter. GAMMA Investing LLC boosted its stake in Intuit by 33.7% during the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock valued at $2,383,000 after buying an additional 968 shares during the last quarter. Harvest Portfolios Group Inc. raised its holdings in shares of Intuit by 5.4% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after acquiring an additional 1,853 shares in the last quarter. Cetera Advisors LLC grew its holdings in shares of Intuit by 33.4% in the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock valued at $6,895,000 after purchasing an additional 2,655 shares in the last quarter. Finally, Park Avenue Securities LLC increased its position in Intuit by 13.4% in the second quarter. Park Avenue Securities LLC now owns 11,257 shares of the software maker’s stock worth $7,398,000 after purchasing an additional 1,328 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on INTU shares. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. BMO Capital Markets upped their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $768.00 target price on shares of Intuit in a report on Friday, September 27th. JPMorgan Chase & Co. lifted their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Finally, Barclays lowered their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Intuit has an average rating of “Moderate Buy” and an average price target of $735.71.

Insider Activity at Intuit

In related news, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the sale, the executive vice president now owns 20 shares in the company, valued at $12,575.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 in the last three months. Company insiders own 2.90% of the company’s stock.

Intuit Trading Up 4.0 %

Shares of NASDAQ:INTU opened at $674.15 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $188.96 billion, a PE ratio of 64.51, a P/E/G ratio of 3.03 and a beta of 1.25. Intuit Inc. has a 12-month low of $513.97 and a 12-month high of $676.62. The business’s fifty day simple moving average is $623.43 and its 200-day simple moving average is $626.96.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business earned $0.40 EPS. The company’s revenue was up 17.4% compared to the same quarter last year. As a group, equities research analysts predict that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were issued a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.62%. Intuit’s payout ratio is presently 39.81%.

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.