Worldquant Millennium Advisors LLC Purchases 57,419 Shares of Intuit Inc. (NASDAQ:INTU)

Worldquant Millennium Advisors LLC lifted its position in Intuit Inc. (NASDAQ:INTU) by 136.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 99,563 shares of the software maker’s stock after purchasing an additional 57,419 shares during the quarter. Worldquant Millennium Advisors LLC’s holdings in Intuit were worth $61,829,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. LGT Financial Advisors LLC purchased a new stake in Intuit in the second quarter worth approximately $25,000. Cultivar Capital Inc. bought a new stake in shares of Intuit in the 2nd quarter worth approximately $26,000. Fairway Wealth LLC purchased a new stake in shares of Intuit in the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC bought a new position in shares of Intuit during the 3rd quarter valued at $27,000. Finally, Hobbs Group Advisors LLC purchased a new position in Intuit in the 2nd quarter worth $35,000. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INTU has been the subject of several analyst reports. Barclays cut their price target on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company 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 report on Friday, November 22nd. Bank of America lifted their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. BMO Capital Markets raised their target price on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Finally, Piper Sandler lowered their price target on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the transaction, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This trade represents a 0.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the sale, the executive vice president now owns 20 shares of the company’s stock, valued at $12,575.20. This trade represents a 99.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,324 shares of company stock worth $75,803,690. Insiders own 2.68% of the company’s stock.

Intuit Stock Performance

Shares of INTU stock opened at $648.70 on Friday. The company has a market capitalization of $181.58 billion, a price-to-earnings ratio of 62.98, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The company’s 50-day moving average is $634.53 and its 200 day moving average is $631.24.

Intuit (NASDAQ:INTU) last posted its quarterly 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 firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 earnings per share. Sell-side analysts expect that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, January 9th. This represents a $4.16 dividend on an annualized basis and a yield of 0.64%. Intuit’s dividend payout ratio is presently 40.39%.

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.