Intuit Inc. (NASDAQ:INTU) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 7.5% during the fourth quarter, HoldingsChannel reports. The fund owned 114,479 shares of the software maker’s stock after acquiring an additional 7,982 shares during the quarter. CIBC Asset Management Inc’s holdings in Intuit were worth $71,950,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brown Financial Advisors grew its position in Intuit by 0.9% during the third quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock worth $1,018,000 after buying an additional 15 shares during the period. Truvestments Capital LLC lifted its stake in shares of Intuit by 1.5% during the third quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock valued at $669,000 after buying an additional 16 shares during the period. Chris Bulman Inc boosted its position in Intuit by 1.1% during the third quarter. Chris Bulman Inc now owns 1,520 shares of the software maker’s stock worth $944,000 after acquiring an additional 17 shares during the last quarter. Freedom Day Solutions LLC boosted its position in Intuit by 0.4% during the third quarter. Freedom Day Solutions LLC now owns 4,186 shares of the software maker’s stock worth $2,599,000 after acquiring an additional 17 shares during the last quarter. Finally, Covenant Partners LLC boosted its position in Intuit by 3.4% during the third quarter. Covenant Partners LLC now owns 521 shares of the software maker’s stock worth $324,000 after acquiring an additional 17 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Lauren D. Hotz sold 1,078 shares of Intuit stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the completion of the transaction, the chief accounting officer now directly owns 1,864 shares of the company’s stock, valued at approximately $1,154,337.92. The trade was a 36.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the completion of the transaction, the insider now directly owns 6,378,105 shares of the company’s stock, valued at $4,093,595,351.10. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 293,014 shares of company stock valued at $188,992,187. Company insiders own 2.68% of the company’s stock.

Intuit Stock Performance

Intuit stock opened at $587.38 on Monday. The firm’s fifty day moving average price is $620.21 and its 200 day moving average price is $629.84. The company has a market capitalization of $164.42 billion, a price-to-earnings ratio of 57.03, a price-to-earnings-growth ratio of 2.91 and a beta of 1.24. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78. 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 (NASDAQ:INTU) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.14. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.14 EPS. On average, research analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.71%. The ex-dividend date was Friday, January 10th. Intuit’s dividend payout ratio (DPR) is presently 40.39%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Barclays decreased their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Royal Bank of Canada restated an “outperform” rating and set a $760.00 target price on shares of Intuit in a research report on Friday, November 22nd. Stifel Nicolaus decreased their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Finally, Scotiabank began coverage on shares of Intuit in a research report on Monday, November 18th. They set a “sector perform” rating and a $700.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $726.53.

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.