Melqart Asset Management UK Ltd Takes $2.86 Million Position in Intuit Inc. (NASDAQ:INTU)

Melqart Asset Management UK Ltd bought a new position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,548 shares of the software maker's stock, valued at approximately $2,858,000.

Other institutional investors have also recently bought and sold shares of the company. R Squared Ltd purchased a new stake in Intuit in the 4th quarter worth approximately $25,000. NewSquare Capital LLC boosted its position in shares of Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock valued at $27,000 after acquiring an additional 18 shares in the last quarter. Heck Capital Advisors LLC bought a new position in Intuit during the 4th quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Intuit during the 4th quarter valued at about $28,000. Finally, Summit Securities Group LLC bought a new position in Intuit in the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Stock Performance

Shares of NASDAQ INTU traded up $4.32 during trading on Wednesday, hitting $627.47. The company had a trading volume of 1,313,935 shares, compared to its average volume of 1,580,448. The stock has a 50 day simple moving average of $595.08 and a 200 day simple moving average of $616.14. The firm has a market capitalization of $175.42 billion, a P/E ratio of 60.92, a price-to-earnings-growth ratio of 2.85 and a beta of 1.25. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $714.78. 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 18th. Shareholders of record on Thursday, April 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend was Thursday, April 10th. Intuit's dividend payout ratio is presently 38.81%.

Wall Street Analyst Weigh In

INTU has been the topic of several recent research reports. BNP Paribas lowered Intuit from a "neutral" rating to an "underperform" rating and set a $530.00 price target on the stock. in a research report on Wednesday, January 15th. Morgan Stanley lowered their target price on Intuit from $730.00 to $720.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Scotiabank upgraded Intuit from a "sector perform" rating to a "sector outperform" rating and lifted their price target for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. Jefferies Financial Group reduced their price target on Intuit from $800.00 to $735.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Oppenheimer lowered their price objective on Intuit from $722.00 to $642.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $717.53.

Insider Buying and Selling at Intuit

In related news, Director Eve B. Burton sold 1,702 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares of the company's stock, valued at approximately $4,800. This trade represents a 99.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 8,163 shares of Intuit stock in a transaction on Monday, March 24th. The shares were sold at an average price of $612.46, for a total value of $4,999,510.98. Following the sale, the executive vice president now directly owns 21,882 shares of the company's stock, valued at approximately $13,401,849.72. This trade represents a 27.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,696 shares of company stock worth $14,347,731 in the last quarter. 2.68% of the stock is owned by corporate insiders.

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.