Center For Asset Management LLC Acquires New Position in Intuit Inc. (NASDAQ:INTU)

Center For Asset Management LLC bought a new position in Intuit Inc. (NASDAQ:INTU) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 428 shares of the software maker’s stock, valued at approximately $269,000.

A number of other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its holdings in shares of Intuit by 1.8% during the 3rd 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 last quarter. Geode Capital Management LLC boosted its holdings in Intuit by 1.4% in the third quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock worth $3,701,762,000 after purchasing an additional 80,463 shares during the last quarter. Fisher Asset Management LLC grew its position in Intuit by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock worth $2,376,984,000 after purchasing an additional 107,482 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Intuit by 4.0% during the 3rd 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 valued at $1,428,790,000 after buying an additional 87,517 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Intuit by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker’s stock valued at $1,048,524,000 after buying an additional 26,914 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

NASDAQ:INTU opened at $597.95 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The firm has a market capitalization of $167.38 billion, a PE ratio of 58.05, a PEG ratio of 3.01 and a beta of 1.25. The stock’s fifty day moving average is $636.69 and its 200 day moving average is $635.00.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating the consensus estimate of $2.36 by $0.14. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.14 EPS. On average, sell-side analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date was Friday, January 10th. Intuit’s payout ratio is currently 40.39%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Oppenheimer upped their price objective on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Stifel Nicolaus lowered their price objective on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group boosted their target price on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Piper Sandler reiterated an “overweight” rating and issued a $765.00 price target on shares of Intuit in a research report on Friday, January 10th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $760.00 price objective on shares of Intuit in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $726.53.

Insiders Place Their Bets

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the transaction, the insider now directly owns 6,378,105 shares in the company, valued at $4,093,595,351.10. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of Intuit stock in a transaction on Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the sale, the chief accounting officer now directly owns 1,864 shares of the company’s stock, valued at approximately $1,154,337.92. This trade represents a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 293,014 shares of company stock worth $188,992,187 over the last quarter. Company insiders own 2.68% of the company’s stock.

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.