Renaissance Group LLC has reduced its investment in Intuit Inc. (NASDAQ: INTU) by 15.6% during the third quarter of 2023, as reported by HoldingsChannel. Following the sale of 7,057 shares, Renaissance now holds 38,282 shares valued at approximately $26,143,000 based on the latest filing with the Securities and Exchange Commission (SEC).
This adjustment in holdings coincides with a trend among institutional investors and hedge funds, many of whom are actively re-evaluating their positions in Intuit. Notably, Tortoise Investment Management LLC significantly increased its stake by 540.0% in the second quarter, acquiring a total of 32 shares now worth $25,000 after adding 27 shares. Similarly, Westside Investment Management Inc. raised its holdings by 161.5%, owning 34 shares valued at $27,000 following a purchase of 21 additional shares.
Other firms, such as Sagard Holdings Management Inc. and True Wealth Design LLC, have also entered or expanded their positions in Intuit. Sagard acquired a new stake valued at $28,000, while True Wealth increased its holdings by 270.0%, now owning 37 shares worth $29,000. LGT Financial Advisors LLC also established a new position in Intuit valued at approximately $32,000. As it stands, institutional investors now control 83.66% of Intuit’s stock.
Analysts Adjust Price Targets for Intuit
Recent activity among analysts has influenced the stock’s outlook. KeyCorp recently lowered its price target from $825.00 to $750.00, maintaining an “overweight” rating for the company. Oppenheimer similarly adjusted its target from $868.00 to $696.00, while Wolfe Research revised its target from $870.00 to $830.00. BMO Capital Markets also updated its forecast, reducing the price target from $870.00 to $810.00.
In total, twenty-three analysts have issued a Buy rating for Intuit, while five have assigned a Hold rating. According to MarketBeat data, the consensus rating stands at “Moderate Buy” with a consensus price target of $785.12.
Intuit’s Recent Performance and Dividend Announcement
Shares of Intuit opened at $443.77 on January 16, 2024. The company holds a market capitalization of $123.49 billion and has a price-to-earnings ratio of 30.33. Intuit’s recent financial performance was highlighted on November 20, 2023, when it reported earnings of $3.34 per share, exceeding analysts’ expectations of $3.09 by $0.25. Revenue for the quarter reached $3.87 billion, surpassing the consensus estimate of $3.76 billion and marking an increase of 18.3% from the previous year.
The company also announced a quarterly dividend, which was paid to investors on January 16, 2024. Shareholders on record as of January 9, 2024, received a dividend of $1.20 per share, reflecting an annualized dividend of $4.80 and a yield of 1.1%. Intuit’s payout ratio stands at 32.81%.
Founded in 1983 and headquartered in Mountain View, California, Intuit has evolved from providing desktop tax software to offering a broad range of cloud-based financial management products. Under the leadership of CEO Sasan Goodarzi, the company’s portfolio includes renowned products such as QuickBooks, TurboTax, and Mint, catering to individuals, small businesses, and accounting professionals alike.
