CIBC Asset Management Inc Purchases 7,982 Shares of Intuit Inc. (NASDAQ:INTU)

CIBC Asset Management Inc boosted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 114,479 shares of the software maker’s stock after purchasing an additional 7,982 shares during the period. CIBC Asset Management Inc’s holdings in Intuit were worth $71,950,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of INTU. R Squared Ltd purchased a new position in shares of Intuit in the fourth quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new stake in Intuit during the third quarter worth approximately $27,000. Heck Capital Advisors LLC purchased a new stake in shares of Intuit in the fourth quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Intuit during the fourth quarter worth $28,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in Intuit during the fourth quarter worth $29,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $665.98, for a total value of $15,856,983.80. Following the completion of the sale, the executive vice president now directly owns 489 shares of the company’s stock, valued at $325,664.22. The trade was a 97.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 6,378,105 shares of the company’s stock, valued at approximately $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. Insiders own 2.68% of the company’s stock.

Intuit Stock Up 0.6 %

Intuit stock opened at $587.38 on Monday. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a 50 day moving average price of $620.21 and a 200 day moving average price of $629.84. The company has a market capitalization of $164.42 billion, a PE ratio of 57.03, a price-to-earnings-growth ratio of 2.91 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. The business 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 quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.14 earnings per share. Research analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on INTU. Oppenheimer increased their price objective on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a research report on Wednesday, January 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research report on Friday, November 22nd. Finally, Piper Sandler reissued an “overweight” rating and issued a $765.00 target price on shares of Intuit in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $726.53.

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.