5 Favorite Stocks of Dan Loeb’s Third Point

In this article, we discuss 5 favorite stocks of Dan Loeb’s Third Point. If you want to see the rest of the billionaire’s top portfolio holdings, check out 10 Favorite Stocks of Dan Loeb’s Third Point. 

5. Intuit Inc. (NASDAQ:INTU)

Third Point’s Stake Value: $739,703,000

Percentage of Third Point’s 13F Portfolio: 5.16%

Number of Hedge Fund Holders: 82

Intuit Inc. (NASDAQ:INTU) is a California-based company that provides compliance products and financial management solutions to individuals and small businesses in the United States, Canada, and international markets. Dan Loeb increased his Intuit Inc. (NASDAQ:INTU) stake by 5% in Q4 2021, holding 1.15 million shares worth $739.7 million. 

On March 3, Intuit Inc. (NASDAQ:INTU) declared a quarterly dividend of $0.68 per share, in line with previous. The dividend is payable on April 18, to shareholders of record on April 11. 

BMO Capital analyst Daniel Jester maintained his Outperform rating and a $600 price target on Intuit Inc. (NASDAQ:INTU) on March 21, however, he observed that in the middle of the U.S. tax season, the likelihood of a “straight-forward” year is fading. Year-to-date, the analyst told investors that there are indicators pointing to a slow tax season, raising the possible risk around Intuit Inc. (NASDAQ:INTU)’s financial results in May. 

Hedge fund sentiment around Intuit Inc. (NASDAQ:INTU) was extremely bullish. Among the hedge funds tracked by Insider Monkey, 82 funds were long Intuit Inc. (NASDAQ:INTU) in Q4 2021, compared to 64 funds in the earlier quarter. Terry Smith’s Fundsmith LLP is the largest stakeholder of the company, with 3.7 million shares worth $2.40 billion. 

Here is what Baron FinTech Fund has to say about Intuit Inc. (NASDAQ:INTU) in its Q4 2021 investor letter:

“Intuit Inc. is the leading provider of accounting and tax preparation software. Shares increased after the company reported quarterly results that beat Street estimates, with 22% revenue growth in the Small Business segment and record-high revenue from Credit Karma. The company closed the acquisition of MailChimp, which expands its product offering and is accretive to EPS. Management increased full-year guidance to reflect better organic growth and the contribution from MailChimp. We continue to own the stock due to Intuit’s strong competitive position and numerous growth opportunities. We have several investments in software companies that help businesses manage their financial processes and operations. Intuit Inc. provides accounting and payroll solutions for small businesses as well as tax preparation software for consumers and tax professionals.”