Intuit Inc. (NASDAQ:INTU) Stock Holdings Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc raised its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 SEC filing.

Several other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC increased its position in Intuit by 2.8% during the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after buying an additional 16 shares during the last quarter. WASHINGTON TRUST Co lifted its holdings in Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after purchasing an additional 16 shares during the last quarter. Gemmer Asset Management LLC boosted its position in Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares during the period. PFG Investments LLC grew its holdings in Intuit by 1.1% during the second quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock valued at $1,024,000 after purchasing an additional 17 shares during the last quarter. Finally, Plancorp LLC raised its position in shares of Intuit by 2.0% in the second quarter. Plancorp LLC now owns 881 shares of the software maker’s stock valued at $579,000 after purchasing an additional 17 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Stock Performance

INTU stock opened at $700.76 on Friday. Intuit Inc. has a 1-year low of $552.68 and a 1-year high of $714.78. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $196.42 billion, a PE ratio of 67.06, a P/E/G ratio of 3.45 and a beta of 1.25. The business’s 50-day moving average price is $630.03 and its two-hundred day moving average price is $629.21.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the firm earned $0.40 EPS. Intuit’s quarterly revenue was up 17.4% compared to the same quarter last year. As a group, research analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

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

Analysts Set New Price Targets

INTU has been the topic of a number of research analyst reports. Bank of America raised their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Susquehanna reiterated a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. BMO Capital Markets boosted their target price on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Jefferies Financial Group upped their price target on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, Stifel Nicolaus increased their price objective on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $735.71.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the sale, the chief financial officer now owns 452 shares in the company, valued at $279,010.56. This represents a 89.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Eve B. Burton sold 2,988 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,297 shares of company stock worth $35,220,046. 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.