Meiji Yasuda Asset Management Co Ltd. lessened its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 3.3% in the first quarter, Holdings Channel reports. The fund owned 8,703 shares of the software maker’s stock after selling 294 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Intuit were worth $2,275,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Oregon Public Employees Retirement Fund lifted its position in Intuit by 17,362.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 20,327,715 shares of the software maker’s stock worth $103,000 after buying an additional 20,211,306 shares during the last quarter. Norges Bank bought a new stake in Intuit in the 4th quarter worth approximately $422,227,000. BlackRock Inc. lifted its position in Intuit by 7.8% in the 4th quarter. BlackRock Inc. now owns 20,251,688 shares of the software maker’s stock worth $3,986,545,000 after buying an additional 1,457,880 shares during the last quarter. Ellis Investment Partners LLC lifted its position in Intuit by 26,041.0% in the 1st quarter. Ellis Investment Partners LLC now owns 901,864 shares of the software maker’s stock worth $901,000 after buying an additional 898,414 shares during the last quarter. Finally, Sustainable Growth Advisers LP bought a new stake in Intuit in the 4th quarter worth approximately $148,172,000. Hedge funds and other institutional investors own 87.97% of the company’s stock.
INTU stock traded up $0.45 during midday trading on Wednesday, hitting $257.18. The company had a trading volume of 18,576 shares, compared to its average volume of 1,523,374. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.85 and a current ratio of 1.85. Intuit Inc. has a 52 week low of $182.61 and a 52 week high of $272.14. The company has a market capitalization of $66.75 billion, a P/E ratio of 56.58, a PEG ratio of 2.92 and a beta of 1.10.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.88 annualized dividend and a dividend yield of 0.73%. Intuit’s dividend payout ratio (DPR) is presently 41.50%.
In other news, CFO Michelle M. Clatterbuck sold 10,628 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $256.27, for a total transaction of $2,723,637.56. Following the transaction, the chief financial officer now directly owns 10,628 shares of the company’s stock, valued at $2,723,637.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Scott D. Cook sold 29,517 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $261.67, for a total value of $7,723,713.39. The disclosure for this sale can be found here. Insiders have sold 143,962 shares of company stock worth $37,293,389 over the last three months. Insiders own 4.60% of the company’s stock.
INTU has been the subject of a number of recent research reports. Guggenheim boosted their target price on Intuit from $260.00 to $310.00 in a research report on Thursday, April 11th. BidaskClub downgraded Intuit from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 9th. Bank of America reiterated a “buy” rating and issued a $264.00 price objective (up previously from $252.00) on shares of Intuit in a research report on Wednesday, March 6th. Deutsche Bank boosted their price objective on Intuit from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Finally, ValuEngine downgraded Intuit from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $252.55.
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Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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