Railway Pension Investments Ltd Buys New Shares in Intuit Inc. (NASDAQ:INTU)

Railway Pension Investments Ltd bought a new stake in Intuit Inc. (NASDAQ:INTU) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,100 shares of the software maker’s stock, valued at approximately $6,638,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. DiNuzzo Private Wealth Inc. bought a new stake in Intuit in the fourth quarter valued at $25,000. Cultivar Capital Inc. acquired a new stake in shares of Intuit in the second quarter valued at $26,000. West Branch Capital LLC raised its holdings in shares of Intuit by 79.2% in the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after buying an additional 19 shares during the last quarter. Hobbs Group Advisors LLC acquired a new position in Intuit during the 2nd quarter worth about $35,000. Finally, J.Safra Asset Management Corp acquired a new stake in Intuit in the 2nd quarter valued at about $39,000. 83.66% of the stock is owned by institutional investors.

Intuit Stock Performance

Shares of INTU traded up $4.02 during mid-day trading on Tuesday, hitting $621.14. 321,357 shares of the company’s stock were exchanged, compared to its average volume of 1,331,112. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm has a market cap of $173.64 billion, a price-to-earnings ratio of 56.56, a price-to-earnings-growth ratio of 3.14 and a beta of 1.23. The stock’s 50-day simple moving average is $639.56 and its 200-day simple moving average is $634.12. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the business earned $0.40 earnings per share. Intuit’s revenue was up 17.4% on a year-over-year basis. On average, equities research analysts expect that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is currently 33.21%.

Insiders Place Their Bets

In other Intuit news, insider Scott D. Cook sold 14,748 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $567.40, for a total value of $8,368,015.20. Following the completion of the transaction, the insider now directly owns 6,701,721 shares in the company, valued at approximately $3,802,556,495.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Intuit news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $567.75, for a total value of $42,581,250.00. Following the completion of the sale, the insider now directly owns 6,626,721 shares in the company, valued at $3,762,320,847.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott D. Cook sold 14,748 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $567.40, for a total transaction of $8,368,015.20. Following the transaction, the insider now owns 6,701,721 shares in the company, valued at approximately $3,802,556,495.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,083 shares of company stock valued at $68,467,084. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. UBS Group increased their price objective on shares of Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a report on Monday, May 20th. Royal Bank of Canada began coverage on Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday. Jefferies Financial Group lifted their target price on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday. Finally, Bank of America boosted their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $716.35.

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.