Meiji Yasuda Asset Management Co Ltd. Has $3.76 Million Holdings in Intuit Inc. (NASDAQ:INTU)

Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 10.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 5,718 shares of the software maker’s stock after acquiring an additional 540 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Intuit were worth $3,758,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in INTU. Wellington Management Group LLP boosted its position in Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the period. Lone Pine Capital LLC acquired a new stake in shares of Intuit in the fourth quarter worth $467,852,000. Parnassus Investments LLC boosted its holdings in shares of Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after buying an additional 727,185 shares during the period. Capital World Investors grew its stake in Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after buying an additional 416,099 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Intuit by 940.4% in the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock worth $205,186,000 after acquiring an additional 285,328 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Saturday, August 31st. Morgan Stanley downgraded 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. Susquehanna reaffirmed a “positive” rating and issued a $757.00 target price on shares of Intuit in a report on Friday, August 16th. BMO Capital Markets upped their price target on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. increased their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Intuit Price Performance

NASDAQ:INTU opened at $633.07 on Thursday. The company has a market capitalization of $176.97 billion, a price-to-earnings ratio of 58.40, a PEG ratio of 3.14 and a beta of 1.24. The company has a 50-day moving average of $636.26 and a 200-day moving average of $631.30. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The company’s quarterly revenue was up 17.4% on a year-over-year basis. As a group, equities research analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.66%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s dividend payout ratio is 38.38%.

Insiders Place Their Bets

In other news, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the sale, the executive vice president now owns 1,020 shares in the company, valued at approximately $664,020. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. Insiders sold 16,940 shares of company stock worth $10,721,252 over the last three months. 2.90% of the stock is currently 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.