Conway Capital Management Inc. Takes $2.28 Million Position in Intuit Inc. (NASDAQ:INTU)

Conway Capital Management Inc. bought a new stake in Intuit Inc. (NASDAQ:INTU - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,670 shares of the software maker's stock, valued at approximately $2,279,000. Intuit accounts for 1.1% of Conway Capital Management Inc.'s portfolio, making the stock its 18th biggest position.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Scotiabank assumed coverage on Intuit in a research report on Monday, November 18th. They issued a "sector perform" rating and a $700.00 price target on the stock. JPMorgan Chase & Co. raised their target price on shares of Intuit from $600.00 to $640.00 and gave the company a "neutral" rating in a report on Friday, November 22nd. Stifel Nicolaus cut their price target on shares of Intuit from $795.00 to $725.00 and set a "buy" rating for the company in a report on Friday, November 22nd. Royal Bank of Canada reiterated an "outperform" rating and set a $760.00 price target on shares of Intuit in a research report on Friday, November 22nd. Finally, Jefferies Financial Group boosted their price objective on shares of Intuit from $790.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, November 22nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $737.44.

Insider Buying and Selling

In related news, EVP Mark P. Notarainni sold 3,649 shares of the company's stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $646.68, for a total transaction of $2,359,735.32. Following the sale, the executive vice president now owns 19 shares in the company, valued at $12,286.92. This represents a 99.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares of the company's stock, valued at $4,111,853,974.95. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,032 shares of company stock valued at $76,314,242 over the last ninety days. 2.68% of the stock is owned by company insiders.

Intuit Trading Up 0.1 %

NASDAQ:INTU traded up $0.49 during mid-day trading on Tuesday, hitting $647.07. 1,485,528 shares of the company's stock were exchanged, compared to its average volume of 1,363,533. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The company has a 50 day simple moving average of $635.59 and a 200-day simple moving average of $630.43. The firm has a market capitalization of $181.13 billion, a P/E ratio of 62.82, a PEG ratio of 3.19 and a beta of 1.25.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.14. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. Intuit's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.14 earnings per share. As a group, research analysts expect that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Announces Dividend

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

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.