Mirae Asset Global Investments Co. Ltd. Lowers Stock Position in Intuit Inc. (NASDAQ:INTU)

Mirae Asset Global Investments Co. Ltd. cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 23.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 109,464 shares of the software maker’s stock after selling 33,345 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Intuit were worth $69,589,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in INTU. R Squared Ltd purchased a new stake in Intuit during the 4th quarter worth $25,000. Northwest Investment Counselors LLC purchased a new stake in Intuit during the 3rd quarter worth $27,000. Heck Capital Advisors LLC purchased a new stake in Intuit during the 4th quarter worth $28,000. Sugar Maple Asset Management LLC purchased a new stake in Intuit during the 4th quarter worth $29,000. Finally, Denver PWM LLC purchased a new stake in Intuit during the 3rd quarter worth $32,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Price Performance

INTU opened at $591.72 on Wednesday. The firm has a market cap of $165.63 billion, a price-to-earnings ratio of 57.45, a price-to-earnings-growth ratio of 2.96 and a beta of 1.25. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The company’s 50-day moving average price is $630.27 and its 200 day moving average price is $633.00. 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 (NASDAQ:INTU) last released its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.14. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. Intuit’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.14 earnings per share. As a group, sell-side analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were paid a dividend of $1.04 per share. The ex-dividend date was Friday, January 10th. This represents a $4.16 annualized dividend and a yield of 0.70%. Intuit’s dividend payout ratio (DPR) is 40.39%.

Analyst Ratings Changes

A number of brokerages recently weighed in on INTU. Oppenheimer upped their price target on shares of Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target for the company. in a research report on Wednesday, January 15th. Jefferies Financial Group boosted their price objective on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Morgan Stanley boosted their price objective 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 price objective on shares of Intuit in a report on Friday, November 22nd. 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $726.53.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $641.82, for a total value of $48,136,500.00. Following the completion of the transaction, the insider now owns 6,378,105 shares in the company, valued at approximately $4,093,595,351.10. This represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lauren D. Hotz sold 1,078 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at approximately $1,154,337.92. This trade represents a 36.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 293,014 shares of company stock worth $188,992,187 over the last quarter. 2.68% 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.