Point72 Asia Singapore Pte. Ltd. Invests $2.15 Million in Intuit Inc. (NASDAQ:INTU)

Point72 Asia Singapore Pte. Ltd. bought a new position in Intuit Inc. (NASDAQ:INTU) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 3,456 shares of the software maker’s stock, valued at approximately $2,146,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fisher Asset Management LLC grew its position in shares of Intuit by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock worth $2,376,984,000 after buying an additional 107,482 shares during the period. Legal & General Group Plc grew its position in Intuit by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock valued at $1,538,236,000 after purchasing an additional 23,995 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Intuit by 4.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock valued at $1,428,790,000 after purchasing an additional 87,517 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Intuit by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker’s stock valued at $1,048,524,000 after purchasing an additional 26,914 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in Intuit by 17.3% during 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 purchasing an additional 238,486 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the sale, the insider now owns 6,378,105 shares in the company, valued at $4,093,595,351.10. This trade represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the sale, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The trade was a 99.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,265 shares of company stock worth $83,336,625 over the last quarter. Insiders own 2.90% of the company’s stock.

Intuit Price Performance

NASDAQ INTU opened at $641.73 on Monday. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The stock has a market cap of $179.71 billion, a price-to-earnings ratio of 62.30, a PEG ratio of 3.17 and a beta of 1.25. The company’s 50 day moving average is $634.10 and its two-hundred day moving average is $631.26. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the business earned $1.14 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, research analysts anticipate that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Thursday, January 9th. Intuit’s payout ratio is currently 40.39%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Piper Sandler cut their price objective on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Bank of America increased their price objective on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, Barclays cut their price objective on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Intuit presently has an average rating of “Moderate Buy” and an average price target of $737.44.

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.