Intuit Inc. (NASDAQ:INTU) Shares Bought by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. boosted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 20.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,960 shares of the software maker’s stock after buying an additional 1,166 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Intuit were worth $4,574,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. LGT Financial Advisors LLC acquired a new position in Intuit during the second quarter worth about $25,000. Cultivar Capital Inc. acquired a new position in Intuit during the second quarter worth about $26,000. Fairway Wealth LLC acquired a new position in Intuit during the second quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new position in Intuit during the second quarter worth about $35,000. Finally, Sachetta LLC acquired a new position in Intuit during the fourth quarter worth about $39,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on INTU shares. Jefferies Financial Group upped their price target on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. upped their price target on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Citigroup upped their price target on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. Wells Fargo & Company upped their price target on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price target (up previously from $760.00) on shares of Intuit in a report on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $720.37.

Insider Transactions at Intuit

In other news, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at $15,752,985.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at $15,752,985.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at approximately $12,575.20. The disclosure for this sale can be found here. Insiders sold 16,940 shares of company stock valued at $10,721,252 over the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Intuit Stock Performance

NASDAQ:INTU opened at $644.82 on Wednesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a market cap of $180.26 billion, a P/E ratio of 59.49, a P/E/G ratio of 3.14 and a beta of 1.24. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The firm’s 50 day moving average is $636.25 and its two-hundred day moving average is $631.29.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping 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 net margin of 18.19% and a return on equity of 18.64%. Intuit’s revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 earnings per share. Analysts expect that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is presently 38.38%.

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.