Conway Capital Management Inc. Cuts Stake in Intuit Inc. (NASDAQ:INTU)

Conway Capital Management Inc. lessened its stake in Intuit Inc. (NASDAQ:INTU) by 1.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,610 shares of the software maker’s stock after selling 60 shares during the quarter. Intuit accounts for approximately 1.0% of Conway Capital Management Inc.’s holdings, making the stock its 20th largest position. Conway Capital Management Inc.’s holdings in Intuit were worth $2,269,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INTU. International Assets Investment Management LLC increased its holdings in Intuit by 68,404.7% in the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after acquiring an additional 483,621 shares during the last quarter. Holocene Advisors LP increased its holdings in shares of Intuit by 99.6% in the third quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock worth $388,487,000 after purchasing an additional 312,212 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Intuit by 83.2% in the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock worth $371,984,000 after buying an additional 268,060 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Intuit by 17.3% during the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after buying an additional 238,486 shares during the last quarter. Finally, State Street Corp grew its holdings in Intuit by 1.8% during the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after buying an additional 221,885 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

INTU has been the topic of several recent research reports. Piper Sandler reaffirmed an “overweight” rating and set a $765.00 price objective on shares of Intuit in a report on Friday, January 10th. Stifel Nicolaus decreased their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Barclays dropped their price objective on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group upped their target price 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. Finally, JPMorgan Chase & Co. lifted their price target on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $726.53.

Intuit Trading Down 2.2 %

NASDAQ INTU opened at $598.30 on Friday. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The company’s 50-day moving average price is $640.53 and its 200-day moving average price is $635.79. The stock has a market cap of $167.48 billion, a PE ratio of 58.09, a PEG ratio of 3.01 and a beta of 1.25. 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 (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. Intuit’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 earnings per share. Equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were paid a dividend of $1.04 per share. The ex-dividend date was Friday, January 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.70%. Intuit’s dividend payout ratio is currently 40.39%.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 6,378,105 shares of the company’s stock, valued at $4,093,595,351.10. The trade was a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Sandeep Aujla sold 109 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total value of $68,506.50. Following the sale, the chief financial officer now directly owns 1,944 shares in the company, valued at $1,221,804. This trade represents a 5.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 293,014 shares of company stock worth $188,992,187 over the last three months. 2.68% of the stock is owned by corporate insiders.

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.