Mitsubishi UFJ Asset Management Co. Ltd. Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Intuit Inc. (NASDAQ:INTU) by 8.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 464,651 shares of the software maker’s stock after buying an additional 37,386 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Intuit were worth $292,837,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in INTU. Nordea Investment Management AB grew its holdings in Intuit by 83.2% in the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after purchasing an additional 268,060 shares during the last quarter. Whalen Wealth Management Inc. purchased a new position in Intuit during the 4th quarter worth $621,000. Beacon Investment Advisory Services Inc. increased its position in Intuit by 3.8% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 43,313 shares of the software maker’s stock valued at $27,223,000 after buying an additional 1,602 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Intuit by 2.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock valued at $107,854,000 after buying an additional 3,648 shares during the last quarter. Finally, Douglas Lane & Associates LLC raised its stake in Intuit by 109.9% in the fourth quarter. Douglas Lane & Associates LLC now owns 24,666 shares of the software maker’s stock valued at $15,502,000 after buying an additional 12,916 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Intuit

In other news, CAO Lauren D. Hotz sold 1,078 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at approximately $1,154,337.92. This represents a 36.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 8,163 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the sale, the executive vice president now owns 21,882 shares in the company, valued at $13,401,849.72. The trade was a 27.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 132,896 shares of company stock worth $82,946,716 over the last 90 days. Insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on INTU shares. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a research report on Wednesday, January 15th. Scotiabank cut their price objective on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Piper Sandler restated an “overweight” rating and issued a $785.00 price objective (up from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. Mizuho upped their target price on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Finally, BMO Capital Markets reduced their price target on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $721.61.

Intuit Stock Down 0.6 %

Shares of Intuit stock opened at $614.86 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78. The business has a 50-day moving average of $595.84 and a 200-day moving average of $622.71. The company has a market capitalization of $171.89 billion, a PE ratio of 59.70, a P/E/G ratio of 2.85 and a beta of 1.27.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio is presently 38.81%.

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.