Congress Asset Management Co. MA Grows Position in Intuit Inc. (NASDAQ:INTU)

Congress Asset Management Co. MA grew its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 211,244 shares of the software maker’s stock after buying an additional 1,860 shares during the quarter. Intuit comprises approximately 1.0% of Congress Asset Management Co. MA’s holdings, making the stock its 26th largest holding. Congress Asset Management Co. MA’s holdings in Intuit were worth $132,034,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in INTU. DiNuzzo Private Wealth Inc. bought a new position in shares of Intuit during the fourth quarter valued at approximately $25,000. MCF Advisors LLC raised its holdings in shares of Intuit by 119.0% during the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after acquiring an additional 25 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new position in shares of Intuit during the fourth quarter valued at approximately $38,000. Sachetta LLC bought a new position in shares of Intuit during the fourth quarter valued at approximately $39,000. Finally, Webster Bank N. A. bought a new position in shares of Intuit during the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on INTU shares. Morgan Stanley increased their price objective on Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Susquehanna decreased their price objective on Intuit from $775.00 to $757.00 and set a “positive” rating for the company in a report on Friday, May 24th. Mizuho increased their price objective on Intuit from $670.00 to $725.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Evercore ISI increased their price objective on Intuit from $670.00 to $725.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Finally, Oppenheimer increased their price objective on Intuit from $678.00 to $712.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Five analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $679.41.

Insiders Place Their Bets

In other news, insider Scott D. Cook sold 14,748 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $567.40, for a total value of $8,368,015.20. Following the transaction, the insider now owns 6,701,721 shares of the company’s stock, valued at $3,802,556,495.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Scott D. Cook sold 14,748 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $567.40, for a total value of $8,368,015.20. Following the transaction, the insider now owns 6,701,721 shares of the company’s stock, valued at $3,802,556,495.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 194,217 shares of company stock valued at $113,301,418. Insiders own 2.90% of the company’s stock.

Intuit Stock Performance

NASDAQ:INTU traded up $1.08 on Friday, hitting $595.70. The stock had a trading volume of 1,070,500 shares, compared to its average volume of 1,784,930. The stock has a market cap of $166.53 billion, a price-to-earnings ratio of 54.95, a price-to-earnings-growth ratio of 3.40 and a beta of 1.21. 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 business’s 50-day simple moving average is $617.54 and its two-hundred day simple moving average is $624.57. Intuit Inc. has a 52-week low of $441.04 and a 52-week high of $676.62.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period last year, the firm posted $7.80 earnings per share. As a group, research analysts predict that Intuit Inc. will post 11.72 earnings per share for the current year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be given a $0.90 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 annualized dividend and a yield of 0.60%. Intuit’s payout ratio is 33.21%.

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.