CIBC Asset Management Inc Buys 3,423 Shares of Intuit Inc. (NASDAQ:INTU)

CIBC Asset Management Inc increased its stake in Intuit Inc. (NASDAQ:INTU) by 3.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 106,497 shares of the software maker’s stock after purchasing an additional 3,423 shares during the period. CIBC Asset Management Inc’s holdings in Intuit were worth $66,135,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of INTU. Kingsview Wealth Management LLC lifted its stake in Intuit by 6.5% during the first quarter. Kingsview Wealth Management LLC now owns 1,222 shares of the software maker’s stock worth $795,000 after purchasing an additional 75 shares during the last quarter. Trillium Asset Management LLC lifted its position in shares of Intuit by 58.3% during the 1st quarter. Trillium Asset Management LLC now owns 1,445 shares of the software maker’s stock worth $939,000 after buying an additional 532 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in shares of Intuit by 1.0% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,007 shares of the software maker’s stock worth $1,305,000 after buying an additional 20 shares during the last quarter. M&G Plc acquired a new stake in Intuit in the first quarter valued at about $22,819,000. Finally, First Foundation Advisors grew its position in Intuit by 6.4% in the first quarter. First Foundation Advisors now owns 6,931 shares of the software maker’s stock valued at $4,505,000 after acquiring an additional 418 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Intuit Trading Down 0.8 %

Shares of INTU opened at $700.76 on Friday. The firm has a fifty day simple moving average of $630.03 and a two-hundred day simple moving average of $629.21. Intuit Inc. has a twelve month low of $552.68 and a twelve month high of $714.78. The stock has a market capitalization of $196.42 billion, a P/E ratio of 67.06, a PEG ratio of 3.45 and a beta of 1.25. 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 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 firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the firm posted $0.40 EPS. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, research analysts anticipate that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.59%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 39.81%.

Insider Activity

In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the sale, the executive vice president now directly owns 52,038 shares in the company, valued at $33,427,129.68. The trade was a 36.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at approximately $2,384,755.20. This represents a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,297 shares of company stock worth $35,220,046. Corporate insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Jefferies Financial Group increased their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. boosted their target price 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. Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Stifel Nicolaus boosted their price objective on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and an average price target of $735.71.

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.