Conway Capital Management Inc. Makes New Investment in Intuit Inc. (NASDAQ:INTU)

Conway Capital Management Inc. acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 3,670 shares of the software maker’s stock, valued at approximately $2,279,000. Intuit makes up approximately 1.1% of Conway Capital Management Inc.’s holdings, making the stock its 18th biggest position.

A number of other hedge funds also recently made changes to their positions in the stock. Harvest Portfolios Group Inc. boosted its stake in shares of Intuit by 5.4% during the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock valued at $22,295,000 after purchasing an additional 1,853 shares during the period. GAMMA Investing LLC raised its holdings in Intuit by 33.7% during the 3rd quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock valued at $2,383,000 after buying an additional 968 shares during the last quarter. Retireful LLC purchased a new stake in Intuit during the 3rd quarter valued at $740,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Intuit in the 3rd quarter worth $56,144,000. Finally, Howe & Rusling Inc. increased its position in shares of Intuit by 8.0% in the third quarter. Howe & Rusling Inc. now owns 10,857 shares of the software maker’s stock valued at $6,742,000 after acquiring an additional 808 shares during the period. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on INTU shares. Barclays dropped their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. JPMorgan Chase & Co. lifted their price objective on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. BMO Capital Markets upped their target price on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Stifel Nicolaus cut their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Finally, StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a report on Wednesday, December 4th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Insider Buying and Selling

In other news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total value of $466,015.25. Following the transaction, the chief financial officer now directly owns 4,451 shares in the company, valued at $2,676,430.81. This trade represents a 14.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction on 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 sale, the insider now owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,032 shares of company stock worth $76,314,242. 2.68% of the stock is owned by corporate insiders.

Intuit Stock Performance

Shares of INTU stock opened at $646.58 on Tuesday. The company has a market capitalization of $180.99 billion, a price-to-earnings ratio of 62.77, a price-to-earnings-growth ratio of 3.19 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The company’s 50-day moving average is $635.59 and its 200 day moving average is $630.43.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.14. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.14 earnings per share. Sell-side analysts expect that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 annualized dividend and a dividend yield of 0.64%. Intuit’s dividend payout ratio (DPR) is presently 40.39%.

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.