Royal London Asset Management Ltd. Purchases 1,189 Shares of Intuit Inc. (NASDAQ:INTU)

Royal London Asset Management Ltd. lifted its position in Intuit Inc. (NASDAQ:INTU) by 0.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 290,088 shares of the software maker’s stock after buying an additional 1,189 shares during the period. Royal London Asset Management Ltd. owned about 0.10% of Intuit worth $181,314,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in INTU. DiNuzzo Private Wealth Inc. bought a new position in shares of Intuit during the 4th quarter valued at about $25,000. MCF Advisors LLC boosted its holdings in shares of Intuit by 119.0% in the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after buying an additional 25 shares during the period. Wetzel Investment Advisors Inc. bought a new stake in shares of Intuit during the fourth quarter worth $38,000. Sachetta LLC acquired a new stake in shares of Intuit during the fourth quarter worth $39,000. Finally, Webster Bank N. A. bought a new stake in Intuit in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Scott D. Cook sold 27,309 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total value of $16,198,606.44. Following the completion of the transaction, the insider now directly owns 6,524,412 shares in the company, valued at approximately $3,870,020,221.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 194,217 shares of company stock valued at $113,301,418. 2.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on INTU. BMO Capital Markets reissued an “outperform” rating and issued a $700.00 price target on shares of Intuit in a research note on Tuesday, March 26th. Morgan Stanley raised their price target on shares of Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Oppenheimer boosted their price objective on shares of Intuit from $678.00 to $712.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Bank of America decreased their target price on shares of Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Finally, StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, May 27th. Five equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $679.41.

Intuit Price Performance

NASDAQ INTU traded up $1.08 during midday trading on Friday, hitting $595.70. The company had a trading volume of 1,070,500 shares, compared to its average volume of 1,784,930. The firm has a 50-day moving average price of $617.54 and a 200-day moving average price of $624.57. The company has a market capitalization of $166.53 billion, a PE ratio of 54.95, a P/E/G ratio of 3.41 and a beta of 1.21. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit Inc. has a twelve month low of $441.04 and a twelve month high of $676.62.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. During the same period in the prior year, the company posted $7.80 earnings per share. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, analysts anticipate that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 0.60%. The ex-dividend date is Wednesday, July 10th. Intuit’s payout ratio is 33.21%.

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.