Resona Asset Management Co. Ltd. Has $56.24 Million Stake in Intuit Inc. (NASDAQ:INTU)

Resona Asset Management Co. Ltd. raised its stake in Intuit Inc. (NASDAQ:INTU) by 7.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 91,946 shares of the software maker’s stock after buying an additional 6,579 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Intuit were worth $56,238,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Copia Wealth Management acquired a new stake in shares of Intuit during the fourth quarter worth about $25,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit during the fourth quarter worth about $28,000. Olde Wealth Management LLC acquired a new stake in shares of Intuit during the first quarter worth about $37,000. Atlantic Edge Private Wealth Management LLC raised its position in shares of Intuit by 523.1% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker’s stock worth $50,000 after purchasing an additional 68 shares during the period. Finally, Hughes Financial Services LLC acquired a new stake in shares of Intuit during the first quarter worth about $50,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Down 5.7%

INTU stock opened at $706.09 on Tuesday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average price of $768.10 and a two-hundred day moving average price of $668.87. The company has a market cap of $196.96 billion, a price-to-earnings ratio of 57.31, a P/E/G ratio of 2.89 and a beta of 1.28. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $813.70.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same period last year, the company earned $9.88 earnings per share. Analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Thursday, July 10th. Intuit’s payout ratio is currently 33.77%.

Insider Activity at Intuit

In other news, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the transaction, the chief financial officer directly owned 197 shares in the company, valued at approximately $143,047.61. The trade was a 98.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Marianna Tessel sold 34,329 shares of Intuit stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $760.84, for a total value of $26,118,876.36. Following the transaction, the executive vice president owned 40,767 shares of the company’s stock, valued at $31,017,164.28. This represents a 45.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 279,800 shares of company stock worth $209,725,054 in the last three months. 2.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wall Street Zen raised Intuit from a “hold” rating to a “buy” rating in a research report on Tuesday, April 29th. Hsbc Global Res raised Intuit from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 23rd. Evercore ISI raised their price target on Intuit from $685.00 to $785.00 and gave the stock an “outperform” rating in a research report on Friday, May 23rd. The Goldman Sachs Group raised their price target on Intuit from $750.00 to $860.00 and gave the stock a “buy” rating in a research report on Monday, May 19th. Finally, BMO Capital Markets raised their price target on Intuit from $820.00 to $870.00 and gave the stock an “outperform” rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $806.27.

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.