ClariVest Asset Management LLC Has $2.62 Million Stake in Intuit Inc. (NASDAQ:INTU)

ClariVest Asset Management LLC trimmed its position in Intuit Inc. (NASDAQ:INTU) by 1.3% in the second quarter, HoldingsChannel.com reports. The firm owned 3,986 shares of the software maker’s stock after selling 53 shares during the period. ClariVest Asset Management LLC’s holdings in Intuit were worth $2,620,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Intech Investment Management LLC raised its stake in shares of Intuit by 134.7% in the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after purchasing an additional 2,641 shares in the last quarter. Parnassus Investments LLC raised its stake in shares of Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Intuit by 1.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock valued at $112,381,000 after acquiring an additional 1,990 shares during the period. Wellington Management Group LLP grew its position in Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Finally, Cetera Advisors LLC grew its position in Intuit by 33.4% in the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock valued at $6,895,000 after acquiring an additional 2,655 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Trading Up 1.1 %

NASDAQ:INTU opened at $633.62 on Wednesday. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The business’s 50-day moving average price is $637.49 and its two-hundred day moving average price is $631.89. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $177.60 billion, a price-to-earnings ratio of 58.45, a PEG ratio of 3.00 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the firm posted $0.40 earnings per share. The company’s quarterly revenue was up 17.4% on a year-over-year basis. On average, equities analysts expect that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.66%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 33.21%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. BMO Capital Markets upped their price target on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $768.00 price target (up from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Bank of America upped their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Finally, Stifel Nicolaus upped their price target on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and a consensus price target of $720.37.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 1,061 shares of the firm’s 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 sale, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related 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 transaction, the chief financial officer now directly owns 3,333 shares in the company, valued at $2,170,682.91. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total value of $6,997,607.19. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $15,752,985.01. The disclosure for this sale can be found here. Insiders have sold a total of 13,999 shares of company stock valued at $8,872,069 over the last 90 days. 2.90% of the stock is owned by company insiders.

Intuit 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.