Brown Brothers Harriman & Co. Has $3.10 Million Stake in Intuit Inc. (NASDAQ:INTU)

Brown Brothers Harriman & Co. raised its position in Intuit Inc. (NASDAQ:INTU) by 5.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,999 shares of the software maker’s stock after acquiring an additional 276 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Intuit were worth $3,104,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of INTU. Caxton Associates LP bought a new stake in shares of Intuit during the 1st quarter worth about $754,000. Silvercrest Asset Management Group LLC lifted its holdings in Intuit by 15.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 10,769 shares of the software maker’s stock worth $7,000,000 after purchasing an additional 1,468 shares during the last quarter. Redwood Investment Management LLC acquired a new position in Intuit in the 1st quarter valued at $344,000. Tidal Investments LLC increased its position in Intuit by 42.0% during the 1st quarter. Tidal Investments LLC now owns 14,136 shares of the software maker’s stock worth $9,188,000 after buying an additional 4,182 shares during the period. Finally, Jaffetilchin Investment Partners LLC acquired a new stake in shares of Intuit during the first quarter worth $211,000. Institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $760.00 price target on shares of Intuit in a research report on Friday. Bank of America lifted their price target on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Piper Sandler lowered their price objective on Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday. Susquehanna reiterated a “positive” rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Finally, BMO Capital Markets raised their price target on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued 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 $737.44.

Intuit Stock Performance

Shares of INTU stock opened at $634.62 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 52 week low of $557.29 and a 52 week high of $714.78. The firm has a 50 day moving average of $634.58 and a 200-day moving average of $631.24. The company has a market cap of $177.77 billion, a price-to-earnings ratio of 61.61, a price-to-earnings-growth ratio of 3.13 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the prior year, the firm earned $1.14 EPS. The business’s revenue was up 10.2% on a year-over-year basis. On average, equities analysts forecast that Intuit Inc. will post 14.05 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be given a $1.04 dividend. The ex-dividend date is Thursday, January 9th. This represents a $4.16 annualized dividend and a yield of 0.66%. Intuit’s payout ratio is 40.39%.

Insider Activity

In related news, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the sale, the executive vice president now directly owns 52,038 shares of the company’s stock, valued at $33,427,129.68. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,265 shares of company stock worth $35,200,125 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

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.