Cibc World Markets Corp Raises Stake in Intuit Inc. (NASDAQ:INTU)

Cibc World Markets Corp raised its holdings in Intuit Inc. (NASDAQ:INTU) by 159.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 114,440 shares of the software maker’s stock after acquiring an additional 70,350 shares during the quarter. Cibc World Markets Corp’s holdings in Intuit were worth $71,926,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. State Street Corp raised its holdings in shares of Intuit by 1.8% in the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after acquiring an additional 221,885 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Intuit by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock valued at $3,701,762,000 after acquiring an additional 80,463 shares in the last quarter. Fisher Asset Management LLC raised its holdings 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 valued at $2,376,984,000 after acquiring an additional 107,482 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Intuit by 3.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker’s stock valued at $1,499,744,000 after acquiring an additional 88,487 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of 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. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 3.0 %

NASDAQ INTU opened at $598.80 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a twelve month low of $553.24 and a twelve month high of $714.78. The firm has a market capitalization of $167.40 billion, a PE ratio of 58.14, a P/E/G ratio of 2.85 and a beta of 1.27. The stock’s 50 day moving average is $598.23 and its 200 day moving average is $623.66.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.69%. Intuit’s dividend payout ratio is presently 38.81%.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 109 shares of Intuit stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total transaction of $68,506.50. Following the sale, the chief financial officer now directly owns 1,944 shares in the company, valued at $1,221,804. The trade was a 5.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Scott D. Cook sold 73,655 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total value of $48,976,155.70. Following the completion of the sale, the insider now directly owns 6,301,286 shares in the company, valued at $4,189,977,112.84. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 189,301 shares of company stock worth $121,470,200 over the last ninety days. 2.68% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on INTU. BMO Capital Markets reduced their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Mizuho increased their price objective on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. BNP Paribas lowered Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research report on Wednesday, January 15th. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Finally, Piper Sandler restated an “overweight” rating and set a $785.00 price target (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $721.61.

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.