CIBC Asset Management Inc Has $66.14 Million Position in Intuit Inc. (NASDAQ:INTU)

CIBC Asset Management Inc raised its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 3.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 106,497 shares of the software maker's stock after purchasing an additional 3,423 shares during the period. CIBC Asset Management Inc's holdings in Intuit were worth $66,135,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. LGT Financial Advisors LLC purchased a new stake in Intuit during the second quarter valued at about $25,000. Cultivar Capital Inc. purchased a new position in shares of Intuit during the second quarter valued at $26,000. Fairway Wealth LLC purchased a new stake in Intuit in the 2nd quarter worth about $26,000. Northwest Investment Counselors LLC acquired a new stake in Intuit during the 3rd quarter worth about $27,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Intuit during the second quarter worth approximately $35,000. 83.66% of the stock is owned by institutional investors.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of the company's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the sale, the executive vice president now directly owns 52,038 shares of the company's stock, valued at approximately $33,427,129.68. This represents a 36.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now owns 3,840 shares of the company's stock, valued at $2,384,755.20. The trade was a 18.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,297 shares of company stock valued at $35,220,046. 2.90% of the stock is currently owned by insiders.

Intuit Price Performance

NASDAQ INTU traded down $15.48 on Friday, reaching $685.28. The company's stock had a trading volume of 855,255 shares, compared to its average volume of 1,331,482. Intuit Inc. has a 52 week low of $552.68 and a 52 week high of $714.78. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $192.08 billion, a PE ratio of 65.67, a price-to-earnings-growth ratio of 3.45 and a beta of 1.25. The business has a 50-day moving average price of $631.62 and a 200 day moving average price of $629.71.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts' consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion for the quarter, compared to analysts' expectations of $3.08 billion. During the same period in the prior year, the business posted $0.40 earnings per share. The business's revenue was up 17.4% compared to the same quarter last year. Sell-side analysts expect that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.61%. This is an increase from Intuit's previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, October 10th. Intuit's payout ratio is 39.81%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on INTU shares. Stifel Nicolaus boosted their price target on shares of Intuit from $690.00 to $795.00 and gave the company a "buy" rating in a report on Friday, August 23rd. Bank of America raised their price objective on shares of Intuit from $730.00 to $780.00 and gave the company a "buy" rating in a research report on Friday, August 23rd. BMO Capital Markets raised their price target on shares of Intuit from $700.00 to $760.00 and gave the company an "outperform" rating in a report on Friday, August 23rd. Jefferies Financial Group increased their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a "buy" rating in a research report on Friday, August 23rd. Finally, Susquehanna reiterated a "positive" rating and set a $757.00 price target on shares of Intuit in a research note on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $739.24.

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.