Jennison Associates LLC Buys Shares of 8,673 Intuit Inc. (NASDAQ:INTU)

Jennison Associates LLC bought a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the fourth quarter, Holdings Channel reports. The fund bought 8,673 shares of the software maker’s stock, valued at approximately $5,421,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Desjardins Global Asset Management Inc. increased its stake in shares of Intuit by 1.4% during the fourth quarter. Desjardins Global Asset Management Inc. now owns 1,181 shares of the software maker’s stock valued at $738,000 after purchasing an additional 16 shares in the last quarter. GAM Holding AG increased its position in shares of Intuit by 0.3% during the fourth quarter. GAM Holding AG now owns 5,873 shares of the software maker’s stock valued at $3,671,000 after acquiring an additional 17 shares in the last quarter. Janiczek Wealth Management LLC increased its position in shares of Intuit by 2.4% during the fourth quarter. Janiczek Wealth Management LLC now owns 716 shares of the software maker’s stock valued at $448,000 after acquiring an additional 17 shares in the last quarter. Clear Harbor Asset Management LLC increased its position in shares of Intuit by 0.4% during the fourth quarter. Clear Harbor Asset Management LLC now owns 4,842 shares of the software maker’s stock valued at $3,027,000 after acquiring an additional 18 shares in the last quarter. Finally, Glenview Trust co increased its position in shares of Intuit by 1.9% during the third quarter. Glenview Trust co now owns 1,031 shares of the software maker’s stock valued at $527,000 after acquiring an additional 19 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Insider Activity

In other Intuit news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Intuit news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value of $2,450,897.28. Following the sale, the executive vice president now directly owns 22,948 shares in the company, valued at approximately $15,233,800.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction on Wednesday, March 20th. The shares were 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 4,717 shares of company stock worth $3,117,156 in the last three months. Company insiders own 2.90% of the company’s stock.

Intuit Stock Up 1.6 %

Shares of INTU stock opened at $636.55 on Friday. The company has a market capitalization of $178.23 billion, a price-to-earnings ratio of 64.95, a PEG ratio of 3.81 and a beta of 1.21. Intuit Inc. has a one year low of $400.22 and a one year high of $671.01. The company’s fifty day moving average price is $640.26 and its 200-day moving average price is $602.74. 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 announced its quarterly earnings data on Thursday, February 22nd. The software maker reported $2.63 EPS for the quarter, beating the consensus estimate of $2.30 by $0.33. The firm 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 company’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $1.05 EPS. Sell-side analysts expect that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th were given a dividend of $0.90 per share. The ex-dividend date was Tuesday, April 9th. This represents a $3.60 annualized dividend and a dividend yield of 0.57%. Intuit’s payout ratio is 36.73%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of Intuit from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Piper Sandler raised their price target on shares of Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Mizuho raised 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. JPMorgan Chase & Co. raised their target price on shares of Intuit from $560.00 to $585.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Finally, BMO Capital Markets restated an “outperform” rating and issued a $700.00 target price on shares of Intuit in a report on Tuesday, March 26th. Five equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $650.23.

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.