Suncoast Equity Management Purchases 1,109 Shares of Intuit Inc. (NASDAQ:INTU)

Suncoast Equity Management grew its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 1.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,375 shares of the software maker's stock after purchasing an additional 1,109 shares during the period. Intuit makes up about 5.0% of Suncoast Equity Management's holdings, making the stock its 7th largest holding. Suncoast Equity Management's holdings in Intuit were worth $44,437,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Intuit by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock worth $16,991,696,000 after purchasing an additional 353,185 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Intuit by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock worth $3,833,720,000 after acquiring an additional 132,384 shares during the period. Wellington Management Group LLP increased its position in shares of Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock worth $3,329,115,000 after acquiring an additional 620,559 shares during the period. Norges Bank purchased a new stake in shares of Intuit during the fourth quarter worth $2,290,419,000. Finally, Northern Trust Corp increased its position in shares of Intuit by 17.3% during the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock worth $2,118,682,000 after acquiring an additional 498,030 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 16,061 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the sale, the chief financial officer now owns 197 shares in the company, valued at approximately $143,047.61. This represents a 98.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alex G. Balazs sold 1,459 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $770.80, for a total transaction of $1,124,597.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 279,321 shares of company stock valued at $207,988,705. 2.68% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

INTU has been the topic of a number of recent research reports. Wall Street Zen raised Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 price objective on the stock in a research report on Wednesday, April 23rd. Barclays reaffirmed an "overweight" rating and set a $815.00 price objective (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Wells Fargo & Company set a $880.00 price objective on Intuit and gave the stock an "overweight" rating in a research report on Friday, June 13th. Finally, Citigroup reaffirmed a "buy" rating and set a $789.00 price objective (up previously from $726.00) on shares of Intuit in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Intuit presently has a consensus rating of "Moderate Buy" and an average target price of $787.95.

Intuit Stock Performance

Shares of INTU stock opened at $761.14 on Friday. The stock's 50-day moving average is $682.89 and its two-hundred day moving average is $634.57. The firm has a market cap of $212.32 billion, a price-to-earnings ratio of 61.78, a PEG ratio of 3.36 and a beta of 1.28. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $773.45. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (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 analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the company posted $9.88 earnings per share. Analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Thursday, July 10th. Intuit's payout ratio is 33.77%.

Intuit Company 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.

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