Wellington Management Group LLP Has $2.90 Billion Stock Position in Intuit Inc. (NASDAQ:INTU)

Wellington Management Group LLP trimmed its position in Intuit Inc. (NASDAQ:INTU) by 2.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,676,362 shares of the software maker’s stock after selling 129,988 shares during the quarter. Wellington Management Group LLP’s holdings in Intuit were worth $2,904,021,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in INTU. State Street Corp lifted its stake in Intuit by 1.8% during 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. Fisher Asset Management LLC raised its holdings in shares of Intuit by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock valued at $2,376,984,000 after purchasing an additional 107,482 shares during the last quarter. Legal & General Group Plc boosted its holdings in Intuit by 1.0% during the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after purchasing an additional 23,995 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Intuit by 4.0% in 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 worth $1,428,790,000 after purchasing an additional 87,517 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Intuit by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker’s stock valued at $1,048,524,000 after buying an additional 26,914 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Intuit news, CFO Sandeep Aujla sold 775 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the transaction, the chief financial officer now owns 4,451 shares of the company’s stock, valued at $2,676,430.81. The trade was a 14.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. This trade represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,324 shares of company stock worth $75,803,690 in the last ninety days. 2.68% of the stock is currently owned by insiders.

Intuit Trading Down 0.9 %

Shares of Intuit stock opened at $648.70 on Friday. The company’s 50-day moving average price is $634.53 and its 200-day moving average price is $631.24. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78. The company has a market cap of $181.58 billion, a price-to-earnings ratio of 62.98, a PEG ratio of 3.14 and a beta of 1.24.

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

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors 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 yield of 0.64%. The ex-dividend date is Thursday, January 9th. Intuit’s payout ratio is 40.39%.

Analysts Set New Price Targets

A number of brokerages recently commented on INTU. Barclays decreased their price target on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Stifel Nicolaus cut their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Bank of America raised their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. Finally, Morgan Stanley lifted their price target 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. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and a consensus price target of $737.44.

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.