Earnest Partners LLC Has $17.53 Million Stake in Intuit Inc. (NASDAQ:INTU)

Earnest Partners LLC lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,671 shares of the software maker’s stock after selling 172 shares during the quarter. Earnest Partners LLC’s holdings in Intuit were worth $17,528,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Intuit by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after acquiring an additional 283,291 shares during the period. Wellington Management Group LLP grew its stake 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 buying an additional 2,336,654 shares in the last quarter. Fisher Asset Management LLC grew its stake in Intuit by 9.5% during the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after buying an additional 270,432 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after buying an additional 238,486 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Intuit by 4.2% in the 2nd quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock valued at $925,262,000 after buying an additional 56,370 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

INTU has been the topic of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $768.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Citigroup boosted their price target on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research note on Friday, June 14th. StockNews.com cut Intuit from a “buy” rating to a “hold” rating in a research report on Friday, September 20th. Finally, Susquehanna reissued a “positive” rating and issued a $757.00 target price on shares of Intuit in a report on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and an average price target of $720.37.

Intuit Stock Up 0.3 %

Shares of NASDAQ:INTU opened at $636.83 on Friday. The firm has a market cap of $178.02 billion, a P/E ratio of 58.75, a P/E/G ratio of 3.13 and a beta of 1.24. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The business has a fifty day simple moving average of $635.45 and a 200 day simple moving average of $630.99. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

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

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the transaction, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, 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 52,548 shares of company stock worth $33,604,124 over the last quarter. Company insiders own 2.90% of the company’s stock.

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.