Ilmarinen Mutual Pension Insurance Co Increases Position in Intuit Inc. (NASDAQ:INTU)

Posted by Defense World Staff on Sep 13th, 2023

Intuit logo Ilmarinen Mutual Pension Insurance Co lifted its position in shares of Intuit Inc. (NASDAQ:INTU – Free Report) by 12.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,000 shares of the software maker’s stock after purchasing an additional 5,000 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in Intuit were worth $20,062,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Intuit during the 4th quarter worth approximately $1,173,468,000. Moneta Group Investment Advisors LLC boosted its stake in Intuit by 118,345.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,088,194 shares of the software maker’s stock valued at $812,767,000 after acquiring an additional 2,086,431 shares in the last quarter. Morgan Stanley grew its holdings in shares of Intuit by 42.5% during the fourth quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock worth $1,340,830,000 after purchasing an additional 1,027,752 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of Intuit by 220.5% during the first quarter. Artisan Partners Limited Partnership now owns 992,218 shares of the software maker’s stock worth $442,361,000 after purchasing an additional 682,644 shares in the last quarter. Finally, Capital World Investors lifted its holdings in shares of Intuit by 140.3% in the 1st quarter. Capital World Investors now owns 859,308 shares of the software maker’s stock valued at $413,190,000 after purchasing an additional 501,656 shares during the last quarter. Institutional investors and hedge funds own 82.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Evercore ISI lifted their price target on Intuit from $505.00 to $530.00 and gave the stock an “outperform” rating in a research report on Friday, August 25th. Oppenheimer upped their price target on shares of Intuit from $476.00 to $530.00 and gave the company an “outperform” rating in a research report on Friday, August 25th. KeyCorp lifted their price objective on shares of Intuit from $535.00 to $600.00 and gave the company an “overweight” rating in a research note on Thursday, September 7th. Barclays raised their price target on Intuit from $495.00 to $570.00 and gave the stock an “overweight” rating in a report on Friday, August 18th. Finally, BMO Capital Markets increased their price objective on Intuit from $560.00 to $605.00 and gave the stock an “outperform” rating in a research report on Thursday, September 7th. Four investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $551.73.

View Our Latest Research Report on INTU

Insider Buying and Selling at Intuit

In related news, CFO Michelle M. Clatterbuck sold 1,412 shares of Intuit stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $452.74, for a total transaction of $639,268.88. Following the transaction, the chief financial officer now owns 1,350 shares in the company, valued at approximately $611,199. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Marianna Tessel sold 7,310 shares of the company’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $531.31, for a total value of $3,883,876.10. Following the completion of the transaction, the executive vice president now directly owns 28,840 shares in the company, valued at $15,322,980.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michelle M. Clatterbuck sold 1,412 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $452.74, for a total transaction of $639,268.88. Following the completion of the transaction, the chief financial officer now owns 1,350 shares in the company, valued at approximately $611,199. The disclosure for this sale can be found here. Insiders have sold a total of 82,225 shares of company stock valued at $39,409,161 over the last ninety days. Corporate insiders own 3.18% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $546.00 on Wednesday. Intuit Inc. has a 52 week low of $352.63 and a 52 week high of $558.64. The business has a fifty day simple moving average of $504.14 and a 200-day simple moving average of $457.47. The company has a quick ratio of 1.51, a current ratio of 1.47 and a debt-to-equity ratio of 0.35. The company has a market cap of $153.04 billion, a P/E ratio of 64.69, a P/E/G ratio of 3.36 and a beta of 1.19.

Intuit (NASDAQ:INTU – Get Free Report) last announced its quarterly earnings data on Thursday, August 24th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.22. Intuit had a net margin of 16.59% and a return on equity of 16.61%. The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same period in the previous year, the company earned $0.22 EPS. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. Equities research analysts forecast that Intuit Inc. will post 11.25 EPS for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Monday, October 9th will be issued a $0.90 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.78. The ex-dividend date is Thursday, October 5th. This represents a $3.60 annualized dividend and a yield of 0.66%. Intuit’s dividend payout ratio (DPR) is presently 42.65%.

Intuit Profile

(Free Report)

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 ProConnect.