TD Asset Management Inc Sells 113,732 Shares of Intuit Inc. (NASDAQ:INTU)

TD Asset Management Inc reduced its stake in Intuit Inc. (NASDAQ:INTU) by 20.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 443,324 shares of the software maker’s stock after selling 113,732 shares during the quarter. TD Asset Management Inc owned 0.16% of Intuit worth $291,357,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aveo Capital Partners LLC acquired a new stake in shares of Intuit in the fourth quarter valued at approximately $203,000. 9258 Wealth Management LLC increased its stake in Intuit by 29.0% in the 4th quarter. 9258 Wealth Management LLC now owns 650 shares of the software maker’s stock valued at $406,000 after buying an additional 146 shares during the last quarter. U.S. Capital Wealth Advisors LLC lifted its position in Intuit by 11.1% during the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 650 shares of the software maker’s stock worth $406,000 after buying an additional 65 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its position in Intuit by 15.1% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 641 shares of the software maker’s stock worth $401,000 after buying an additional 84 shares in the last quarter. Finally, Private Advisor Group LLC boosted its stake in shares of Intuit by 6.3% during the 4th quarter. Private Advisor Group LLC now owns 7,236 shares of the software maker’s stock worth $4,523,000 after buying an additional 431 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Down 0.3 %

INTU stock opened at $623.10 on Thursday. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.50. The stock has a market capitalization of $174.19 billion, a price-to-earnings ratio of 57.48, a PEG ratio of 3.08 and a beta of 1.23. The business’s fifty day moving average price is $639.86 and its two-hundred day moving average price is $632.79.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period last year, the firm earned $0.40 earnings per share. Intuit’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, equities analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is currently 38.38%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on INTU. Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Citigroup upped their price objective on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Bank of America upped their price target on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Finally, Susquehanna reissued a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research report on Friday, August 16th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $716.35.

Insiders Place Their Bets

In related news, insider Scott D. Cook sold 27,309 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the completion of the sale, the insider now owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Scott D. Cook sold 27,309 shares of Intuit stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total value of $16,198,606.44. Following the transaction, the insider now directly owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The disclosure for this sale can be found here. Insiders have sold a total of 116,308 shares of company stock worth $67,651,926 in the last 90 days. Company insiders own 2.90% of the company’s stock.

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.