Invesco LLC Has $1.51 Million Position in Intuit Inc. (NASDAQ:INTU)

Invesco LLC decreased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 5.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,294 shares of the software maker’s stock after selling 134 shares during the quarter. Invesco LLC’s holdings in Intuit were worth $1,508,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INTU. LGT Financial Advisors LLC acquired a new stake in shares of Intuit during the 2nd quarter worth about $25,000. Cultivar Capital Inc. bought a new position in Intuit in the 2nd quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in Intuit during the second quarter worth approximately $35,000. Sachetta LLC bought a new stake in shares of Intuit during the fourth quarter worth approximately $39,000. Finally, J.Safra Asset Management Corp acquired a new position in shares of Intuit in the second quarter valued at approximately $39,000. 83.66% of the stock is owned by institutional investors.

Intuit Trading Up 1.9 %

INTU opened at $626.99 on Tuesday. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The company has a fifty day moving average of $637.94 and a 200-day moving average of $632.08. The stock has a market cap of $175.74 billion, a PE ratio of 57.84, a price-to-earnings-growth ratio of 3.00 and a beta of 1.24. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 EPS. On average, sell-side analysts predict that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.66%. Intuit’s dividend payout ratio is currently 33.21%.

Analysts Set New Price Targets

INTU has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price target on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. KeyCorp increased their target price on shares of Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Piper Sandler reiterated an “overweight” rating and issued a $768.00 price target (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Royal Bank of Canada initiated coverage on Intuit in a report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price on the stock. Finally, Barclays cut their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 27,309 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total value of $16,198,606.44. Following the completion of the sale, the insider now directly owns 6,524,412 shares in the company, valued at approximately $3,870,020,221.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott D. Cook sold 27,309 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total value of $16,198,606.44. Following the sale, the insider now directly owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,308 shares of company stock valued at $25,070,676. Corporate insiders own 2.90% 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.