99,020 Shares in Intuit Inc. (NASDAQ:INTU) Bought by Spear Holdings RSC Ltd

Spear Holdings RSC Ltd bought a new position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 99,020 shares of the software maker's stock, valued at approximately $60,797,000. Intuit makes up 4.7% of Spear Holdings RSC Ltd's investment portfolio, making the stock its 7th biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. Copia Wealth Management bought a new position in shares of Intuit during the 4th quarter valued at about $25,000. NewSquare Capital LLC boosted its stake in Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock valued at $27,000 after buying an additional 18 shares during the last quarter. Summit Securities Group LLC bought a new position in Intuit during the fourth quarter valued at approximately $28,000. Heck Capital Advisors LLC purchased a new position in Intuit during the 4th quarter valued at approximately $28,000. Finally, VSM Wealth Advisory LLC bought a new stake in Intuit in the 4th quarter worth approximately $35,000. Institutional investors own 83.66% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on INTU shares. Wall Street Zen upgraded Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. Morgan Stanley reiterated an "overweight" rating and set a $785.00 price objective (up previously from $720.00) on shares of Intuit in a research report on Friday, May 23rd. Bank of America lifted their price objective on shares of Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Wells Fargo & Company set a $880.00 target price on shares of Intuit and gave the company an "overweight" rating in a research report on Friday, June 13th. Finally, HSBC upgraded Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target for the company in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $793.05.

Intuit Trading Up 1.1%

Intuit stock traded up $8.56 during mid-day trading on Friday, hitting $782.26. The company's stock had a trading volume of 822,973 shares, compared to its average volume of 1,619,453. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The company has a 50 day moving average of $715.74 and a 200-day moving average of $641.72. Intuit Inc. has a one year low of $532.65 and a one year high of $790.60. The stock has a market cap of $218.21 billion, a PE ratio of 63.49, a P/E/G ratio of 3.47 and a beta of 1.27.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion for 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 firm's revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm posted $9.88 EPS. On average, research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued a $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.53%. Intuit's payout ratio is 33.77%.

Insider Transactions at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 1,147 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $773.90, for a total transaction of $887,663.30. Following the transaction, the executive vice president owned 19 shares of the company's stock, valued at approximately $14,704.10. This trade represents a 98.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Scott D. Cook sold 62,816 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was 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 directly owned 6,000,679 shares of the company's stock, valued at $4,596,460,107.21. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,661 shares of company stock valued at $206,491,776 in the last ninety days. Corporate insiders own 2.68% of the company's stock.

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.