Intuit Inc. (NASDAQ:INTU) Shares Acquired by Suncoast Equity Management

Suncoast Equity Management boosted its position in Intuit Inc. (NASDAQ:INTU) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,707 shares of the software maker’s stock after acquiring an additional 528 shares during the quarter. Intuit accounts for about 6.1% of Suncoast Equity Management’s holdings, making the stock its 3rd biggest holding. Suncoast Equity Management’s holdings in Intuit were worth $46,069,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in INTU. Norges Bank purchased a new stake in shares of Intuit during the 4th quarter worth approximately $1,173,468,000. Moneta Group Investment Advisors LLC grew its holdings in shares of Intuit by 118,345.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,088,194 shares of the software maker’s stock worth $812,767,000 after purchasing an additional 2,086,431 shares during the last quarter. Morgan Stanley increased its position in shares of Intuit by 42.5% during the fourth quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock worth $1,340,830,000 after purchasing an additional 1,027,752 shares in the last quarter. Parnassus Investments LLC lifted its holdings in shares of Intuit by 42,268.5% in the 3rd quarter. Parnassus Investments LLC now owns 610,954 shares of the software maker’s stock valued at $312,161,000 after purchasing an additional 609,512 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Intuit by 61.5% during the third quarter. Wellington Management Group LLP now owns 1,350,929 shares of the software maker’s stock worth $690,244,000 after acquiring an additional 514,259 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Intuit from $560.00 to $585.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Wells Fargo & Company lifted their target price on Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 21st. Barclays upped their price target on Intuit from $735.00 to $745.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. BMO Capital Markets restated an “outperform” rating and set a $700.00 price objective on shares of Intuit in a research report on Tuesday, March 26th. Finally, Mizuho boosted their price target on shares of Intuit from $670.00 to $725.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $645.00.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Kerry J. Mclean sold 3,692 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value of $2,450,897.28. Following the sale, the executive vice president now owns 22,948 shares in the company, valued at $15,233,800.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Intuit news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kerry J. Mclean sold 3,692 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the completion of the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at $15,233,800.32. The disclosure for this sale can be found here. Insiders sold 4,717 shares of company stock valued at $3,117,156 in the last ninety days. Company insiders own 2.90% of the company’s stock.

Intuit Stock Performance

Shares of Intuit stock traded up $4.17 during trading hours on Tuesday, reaching $616.29. The company’s stock had a trading volume of 365,444 shares, compared to its average volume of 1,239,371. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17. Intuit Inc. has a one year low of $400.22 and a one year high of $671.01. The company’s 50 day simple moving average is $645.96 and its 200 day simple moving average is $597.57. The stock has a market cap of $172.56 billion, a P/E ratio of 62.54, a price-to-earnings-growth ratio of 3.78 and a beta of 1.21.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, February 22nd. The software maker reported $2.63 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.33. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. Intuit’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 earnings per share. As a group, analysts expect that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 18th. Investors of record on Wednesday, April 10th will be given a $0.90 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $3.60 annualized dividend and a yield of 0.58%. Intuit’s dividend payout ratio is presently 36.73%.

About Intuit

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.