Meridiem Investment Management Ltd. Sells 70,098 Shares of Intuit Inc. (NASDAQ:INTU)

Meridiem Investment Management Ltd. lessened its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 14.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 398,924 shares of the software maker’s stock after selling 70,098 shares during the quarter. Intuit comprises approximately 4.5% of Meridiem Investment Management Ltd.’s portfolio, making the stock its 13th biggest holding. Meridiem Investment Management Ltd. owned 0.14% of Intuit worth $250,771,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Creative Planning grew its position in shares of Intuit by 5.6% in the third quarter. Creative Planning now owns 53,552 shares of the software maker’s stock valued at $33,256,000 after purchasing an additional 2,836 shares in the last quarter. Good Life Advisors LLC bought a new position in Intuit in the 3rd quarter worth about $367,000. Global Retirement Partners LLC grew its holdings in Intuit by 3.3% during the 3rd quarter. Global Retirement Partners LLC now owns 1,800 shares of the software maker’s stock valued at $1,118,000 after buying an additional 57 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Intuit by 3.5% during the third quarter. Stratos Wealth Partners LTD. now owns 8,977 shares of the software maker’s stock valued at $5,575,000 after buying an additional 305 shares during the period. Finally, Stratos Investment Management LLC increased its position in shares of Intuit by 8.8% during the third quarter. Stratos Investment Management LLC now owns 371 shares of the software maker’s stock valued at $231,000 after buying an additional 30 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Intuit stock opened at $587.38 on Monday. The firm has a fifty day simple moving average of $620.21 and a two-hundred day simple moving average of $629.97. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78. The company has a market capitalization of $164.42 billion, a PE ratio of 57.03, a P/E/G ratio of 2.91 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the previous year, the company posted $1.14 EPS. Intuit’s revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.71%. The ex-dividend date was Friday, January 10th. Intuit’s dividend payout ratio is 40.39%.

Insider Buying and Selling

In other news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $641.82, for a total value of $48,136,500.00. Following the sale, the insider now directly owns 6,378,105 shares in the company, valued at approximately $4,093,595,351.10. This trade represents a 1.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Laura A. Fennell sold 4,788 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total value of $2,938,012.56. Following the transaction, the executive vice president now owns 30,010 shares of the company’s stock, valued at approximately $18,414,736.20. This represents a 13.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 293,014 shares of company stock valued at $188,992,187 over the last three months. 2.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Scotiabank started coverage on shares of Intuit in a research report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price objective for the company. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. Morgan Stanley upped their price target on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Piper Sandler reissued an “overweight” rating and set a $765.00 price objective on shares of Intuit in a research note on Friday, January 10th. Finally, JPMorgan Chase & Co. boosted their target price on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $726.53.

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 four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.