Intact Investment Management Inc. Makes New Investment in Intuit Inc. (NASDAQ:INTU)

Intact Investment Management Inc. bought a new position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 5,600 shares of the software maker's stock, valued at approximately $3,438,000.

Other institutional investors also recently made changes to their positions in the company. Copia Wealth Management purchased a new stake in shares of Intuit during the 4th quarter worth $25,000. NewSquare Capital LLC boosted its position in shares of Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after buying an additional 18 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Intuit in the 4th quarter worth about $28,000. Heck Capital Advisors LLC purchased a new stake in shares of Intuit in the 4th quarter worth about $28,000. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Intuit in the 4th quarter worth about $35,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Trading Up 0.8%

NASDAQ INTU opened at $761.14 on Friday. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $773.45. The company has a 50-day moving average of $682.89 and a 200-day moving average of $634.43. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The company has a market cap of $212.32 billion, a P/E ratio of 61.78, a P/E/G ratio of 3.39 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.88 EPS. As a group, equities analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Insider Buying and Selling

In other Intuit news, EVP Alex G. Balazs sold 1,459 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $770.80, for a total value of $1,124,597.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 62,816 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $765.99, for a total transaction of $48,116,427.84. Following the completion of the sale, the insider now directly owns 6,000,679 shares of the company's stock, valued at $4,596,460,107.21. This trade represents a 1.04% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 279,321 shares of company stock valued at $207,988,705. 2.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Oppenheimer reiterated an "outperform" rating and issued a $742.00 price objective (up from $642.00) on shares of Intuit in a research report on Friday, May 23rd. Bank of America boosted their price objective on shares of Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Hsbc Global Res upgraded shares of Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Finally, Stifel Nicolaus boosted their price objective on shares of Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Intuit currently has an average rating of "Moderate Buy" and a consensus target price of $787.95.

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.

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