Envestnet Asset Management Inc. Grows Holdings in Intuit Inc. (NASDAQ:INTU)

Envestnet Asset Management Inc. lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 978,663 shares of the software maker’s stock after buying an additional 28,655 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.35% of Intuit worth $643,187,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Intech Investment Management LLC lifted its stake in shares of Intuit by 134.7% during the 1st quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after purchasing an additional 2,641 shares during the period. Parnassus Investments LLC lifted its holdings in shares of Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Intuit by 1.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after acquiring an additional 1,990 shares during the last quarter. Wellington Management Group LLP increased its position in Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the last quarter. Finally, Cetera Advisors LLC raised its stake in Intuit by 33.4% during the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after purchasing an additional 2,655 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on INTU shares. Susquehanna reaffirmed a “positive” rating and issued a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Piper Sandler reissued an “overweight” rating and set a $768.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Citigroup lifted their price target on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday, June 28th. BMO Capital Markets increased their price objective 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. Finally, KeyCorp raised their target price on shares of Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $720.37.

Insiders Place Their Bets

In other Intuit news, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the transaction, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the transaction, the chief financial officer now directly owns 3,333 shares in the company, valued at $2,170,682.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at $664,020. The disclosure for this sale can be found here. Insiders sold a total of 16,940 shares of company stock valued at $10,721,252 over the last 90 days. 2.90% of the stock is owned by company insiders.

Intuit Price Performance

INTU opened at $655.31 on Friday. The company has a market capitalization of $183.68 billion, a P/E ratio of 60.45, a PEG ratio of 3.14 and a beta of 1.24. The company has a 50-day moving average of $636.63 and a 200-day moving average of $632.02. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share 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 firm 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 company earned $0.40 earnings per share. Intuit’s quarterly revenue was up 17.4% on a year-over-year basis. Equities analysts expect that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.63%. Intuit’s dividend payout ratio (DPR) is 33.21%.

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.