AQR Capital Management LLC Boosts Position in Intuit Inc. (NASDAQ:INTU)

AQR Capital Management LLC increased its stake in Intuit Inc. (NASDAQ:INTU) by 37.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,487 shares of the software maker’s stock after buying an additional 13,721 shares during the period. AQR Capital Management LLC’s holdings in Intuit were worth $32,954,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in INTU. Aveo Capital Partners LLC purchased a new position in Intuit in the 4th quarter worth about $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 worth $406,000 after buying an additional 146 shares during the period. CWA Asset Management Group LLC increased its stake in Intuit by 2.3% in the 4th quarter. CWA Asset Management Group LLC now owns 13,374 shares of the software maker’s stock worth $8,359,000 after buying an additional 298 shares during the period. NEOS Investment Management LLC increased its stake in Intuit by 4.6% in the 4th quarter. NEOS Investment Management LLC now owns 13,610 shares of the software maker’s stock worth $8,507,000 after buying an additional 594 shares during the period. Finally, Rafferty Asset Management LLC increased its stake in Intuit by 18.0% in the 4th quarter. Rafferty Asset Management LLC now owns 106,213 shares of the software maker’s stock worth $66,386,000 after buying an additional 16,186 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Down 2.8 %

NASDAQ:INTU opened at $619.03 on Monday. The company has a market cap of $173.05 billion, a PE ratio of 57.11, a P/E/G ratio of 3.13 and a beta of 1.24. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average is $635.09 and its two-hundred day moving average is $630.41.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. Intuit’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. Analysts anticipate that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.67%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s payout ratio is presently 38.38%.

Insider Buying and Selling at Intuit

In other Intuit news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at approximately $2,384,755.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the transaction, the executive vice president now directly owns 20 shares in the company, valued at approximately $12,575.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,548 shares of company stock worth $33,604,124. Company insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on INTU shares. Piper Sandler reissued an “overweight” rating and set a $768.00 target price on shares of Intuit in a research report on Friday. Jefferies Financial Group raised their target price on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus raised their target price on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Susquehanna reissued a “positive” rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Finally, Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Intuit Company 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.