Ninety One North America Inc. Has $88.52 Million Position in Intuit Inc. (NASDAQ:INTU)

Ninety One North America Inc. trimmed its position in shares of Intuit Inc. (NASDAQ:INTU) by 31.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 141,631 shares of the software maker’s stock after selling 65,531 shares during the period. Intuit comprises 4.3% of Ninety One North America Inc.’s portfolio, making the stock its 4th largest position. Ninety One North America Inc. owned 0.05% of Intuit worth $88,524,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of INTU. Norges Bank bought a new position in shares of Intuit during the fourth quarter valued at about $1,173,468,000. Moneta Group Investment Advisors LLC increased its position in shares of Intuit by 118,345.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,088,194 shares of the software maker’s stock valued at $812,767,000 after buying an additional 2,086,431 shares during the period. Morgan Stanley increased its position in shares of Intuit by 42.5% during the fourth quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock valued at $1,340,830,000 after buying an additional 1,027,752 shares during the period. Parnassus Investments LLC increased its position in shares of Intuit by 42,268.5% during the third quarter. Parnassus Investments LLC now owns 610,954 shares of the software maker’s stock valued at $312,161,000 after buying an additional 609,512 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Intuit by 61.5% during the third quarter. Wellington Management Group LLP now owns 1,350,929 shares of the software maker’s stock valued at $690,244,000 after buying an additional 514,259 shares during the period. 83.66% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on INTU shares. Mizuho boosted their price target on shares of Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Susquehanna boosted their price target on shares of Intuit from $700.00 to $775.00 and gave the company a “positive” rating in a research report on Friday, February 23rd. Barclays boosted their price target on shares of Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Piper Sandler upped their price objective on shares of Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Intuit from $560.00 to $585.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $645.00.

Insider Activity at Intuit

In other Intuit news, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $655.13, for a total value of $488,071.85. Following the transaction, the chief accounting officer now directly owns 3,180 shares in the company, valued at $2,083,313.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Intuit news, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $655.13, for a total value of $488,071.85. Following the transaction, the chief accounting officer now directly owns 3,180 shares in the company, valued at $2,083,313.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alex G. Balazs sold 280 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The disclosure for this sale can be found here. Insiders have sold a total of 4,717 shares of company stock worth $3,117,156 over the last quarter. Company insiders own 2.90% of the company’s stock.

Intuit Stock Performance

Intuit stock traded down $3.95 during midday trading on Thursday, reaching $609.26. 256,673 shares of the company traded hands, compared to its average volume of 1,236,635. The firm has a market capitalization of $170.59 billion, a price-to-earnings ratio of 62.54, a price-to-earnings-growth ratio of 3.72 and a beta of 1.21. The business has a 50 day moving average of $644.88 and a two-hundred day moving average of $598.39. Intuit Inc. has a 12 month low of $400.22 and a 12 month high of $671.01. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.17 and a quick ratio of 1.17.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.33. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.05 earnings per share. As a group, research analysts predict that Intuit Inc. will post 11.27 earnings per share for the current year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 18th. Investors of record on Wednesday, April 10th will be given a dividend of $0.90 per share. The ex-dividend date is Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a yield of 0.59%. Intuit’s dividend payout ratio (DPR) is 36.73%.

Intuit 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.