National Bank of Canada FI Has $251.12 Million Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• National Bank of Canada FI increased its stake in Intuit Inc. by 74.7% during the first quarter, now holding approximately $251.12 million worth of shares.
• Intuit reported earnings of $11.65 per share for the last quarter, exceeding expectations by $0.76 with a revenue of $7.75 billion, up 15.1% year-over-year.
• The stock has a market cap of $212.45 billion and is currently rated as a "Moderate Buy" with a consensus price target of $806.27.

National Bank of Canada FI raised its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 74.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 409,005 shares of the software maker's stock after buying an additional 174,847 shares during the period. National Bank of Canada FI owned about 0.15% of Intuit worth $251,124,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of INTU. Brighton Jones LLC boosted its position in Intuit by 61.3% in the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock valued at $2,233,000 after buying an additional 1,350 shares during the last quarter. Revolve Wealth Partners LLC boosted its position in Intuit by 145.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after buying an additional 482 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position in Intuit by 14.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock valued at $1,252,000 after buying an additional 248 shares during the last quarter. FIL Ltd boosted its position in Intuit by 38.9% in the 4th quarter. FIL Ltd now owns 1,592 shares of the software maker's stock valued at $1,001,000 after buying an additional 446 shares during the last quarter. Finally, Scotia Capital Inc. boosted its position in shares of Intuit by 5.4% in the 4th quarter. Scotia Capital Inc. now owns 4,963 shares of the software maker's stock worth $3,119,000 after purchasing an additional 256 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Morgan Stanley raised their price target on Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Oppenheimer raised their price target on Intuit from $742.00 to $868.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Barclays restated an "overweight" rating and issued a $815.00 price target (up from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Bank of America raised their price target on Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Jefferies Financial Group set a $850.00 price objective on Intuit and gave the stock a "buy" rating in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $806.27.

Intuit Stock Down 1.7%

Shares of INTU traded down $12.61 during midday trading on Friday, hitting $749.00. The stock had a trading volume of 1,670,219 shares, compared to its average volume of 1,423,083. The company has a 50 day simple moving average of $769.27 and a two-hundred day simple moving average of $667.63. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $813.70. The firm has a market cap of $208.93 billion, a price-to-earnings ratio of 60.80, a price-to-earnings-growth ratio of 2.89 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45.

Intuit (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.88 earnings per share. On average, analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.6%. Intuit's payout ratio is currently 33.77%.

Insiders Place Their Bets

In related news, EVP Mark P. Notarainni sold 1,147 shares of Intuit stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total value of $887,663.30. Following the sale, the executive vice president owned 19 shares of the company's stock, valued at approximately $14,704.10. The trade was a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alex G. Balazs sold 882 shares of Intuit stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $781.63, for a total value of $689,397.66. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock valued at $209,725,054 in the last quarter. 2.68% of the stock is currently owned by corporate insiders.

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.