Pictet Asset Management Holding SA Boosts Stock Position in Intuit Inc. (NASDAQ:INTU)

Pictet Asset Management Holding SA boosted its position in Intuit Inc. (NASDAQ:INTU) by 55.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,053,197 shares of the software maker’s stock after buying an additional 375,742 shares during the quarter. Intuit makes up about 0.7% of Pictet Asset Management Holding SA’s investment portfolio, making the stock its 23rd biggest holding. Pictet Asset Management Holding SA’s holdings in Intuit were worth $646,613,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INTU. Brighton Jones LLC increased its holdings in Intuit by 61.3% in the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker’s stock valued at $2,233,000 after buying an additional 1,350 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in Intuit by 145.6% in the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker’s stock worth $511,000 after acquiring an additional 482 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in Intuit by 14.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker’s stock worth $1,252,000 after acquiring an additional 248 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in Intuit by 78.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,693 shares of the software maker’s stock worth $1,064,000 after acquiring an additional 746 shares during the last quarter. Finally, Madison Investment Advisors LLC bought a new position in Intuit in the fourth quarter worth about $5,367,000. 83.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Tuesday, April 29th. Wells Fargo & Company set a $880.00 target price on shares of Intuit and gave the stock an “overweight” rating in a research report on Friday, June 13th. Piper Sandler restated an “overweight” rating and issued a $825.00 target price (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Oppenheimer restated an “outperform” rating and issued a $742.00 target price (up previously from $642.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, CLSA initiated coverage on shares of Intuit in a research report on Thursday, June 26th. They issued an “outperform” rating and a $900.00 target price for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $800.55.

Intuit Stock Down 0.2%

Shares of INTU stock traded down $1.51 during trading on Friday, hitting $753.87. 284,194 shares of the company were exchanged, compared to its average volume of 1,618,716. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The firm has a market capitalization of $210.29 billion, a price-to-earnings ratio of 61.19, a P/E/G ratio of 3.33 and a beta of 1.27. The business’s 50-day simple moving average is $742.02 and its 200 day simple moving average is $649.76. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $790.60.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same period last year, the company posted $9.88 earnings per share. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.55%. Intuit’s dividend payout ratio is currently 33.77%.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 2,591 shares of the business’s stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $782.22, for a total value of $2,026,732.02. Following the completion of the sale, the chief financial officer owned 768 shares of the company’s stock, valued at $600,744.96. The trade was a 77.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard L. Dalzell sold 333 shares of the firm’s stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $768.43, for a total value of $255,887.19. Following the completion of the sale, the director directly owned 15,474 shares in the company, valued at approximately $11,890,685.82. This represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is owned by corporate insiders.

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.