Lord Abbett & CO. LLC Boosts Holdings in Intuit Inc. (NASDAQ:INTU)

Lord Abbett & CO. LLC boosted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 33.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,408 shares of the software maker’s stock after buying an additional 351 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Intuit were worth $874,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in INTU. Harvest Portfolios Group Inc. increased its stake in shares of Intuit by 5.4% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after purchasing an additional 1,853 shares in the last quarter. GAMMA Investing LLC increased its position in Intuit by 33.7% in the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock worth $2,383,000 after buying an additional 968 shares in the last quarter. Retireful LLC purchased a new stake in Intuit in the third quarter worth about $740,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Intuit in the third quarter worth about $56,144,000. Finally, Howe & Rusling Inc. lifted its position in shares of Intuit by 8.0% during the 3rd quarter. Howe & Rusling Inc. now owns 10,857 shares of the software maker’s stock valued at $6,742,000 after buying an additional 808 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Trading Up 2.3 %

Shares of INTU opened at $671.50 on Tuesday. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The company’s fifty day moving average is $641.34 and its 200 day moving average is $632.84. The stock has a market capitalization of $187.96 billion, a PE ratio of 65.19, a P/E/G ratio of 3.31 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.14. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.14 EPS. Sell-side analysts expect that Intuit Inc. will post 14.07 earnings per share for the current fiscal year.

Intuit Announces Dividend

The business also recently announced 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 0.62%. The ex-dividend date of this dividend is Thursday, January 9th. Intuit’s dividend payout ratio is currently 40.39%.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the transaction, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. This represents a 0.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the sale, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. The trade was a 14.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,542 shares of company stock worth $97,235,054. Company insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Scotiabank initiated coverage on shares of Intuit in a research note on Monday, November 18th. They set a “sector perform” rating and a $700.00 target price on the stock. Piper Sandler lowered their target price on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Morgan Stanley upped their target price on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Jefferies Financial Group raised their price target on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Barclays cut their target price on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $737.44.

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.