Intuit Inc. (NASDAQ:INTU) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp grew its position in shares of Intuit Inc. (NASDAQ:INTU) by 1.2% during the 1st quarter, Holdings Channel reports. The firm owned 48,168 shares of the software maker’s stock after purchasing an additional 593 shares during the period. Fifth Third Bancorp’s holdings in Intuit were worth $29,575,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Copia Wealth Management acquired a new position in shares of Intuit during the 4th quarter valued at $25,000. NewSquare Capital LLC boosted its stake in shares of Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Intuit during the 4th quarter worth $28,000. Heck Capital Advisors LLC bought a new stake in shares of Intuit during the 4th quarter worth $28,000. Finally, VSM Wealth Advisory LLC bought a new stake in shares of Intuit during the 4th quarter worth $35,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Trading Up 0.2%

NASDAQ:INTU opened at $766.21 on Friday. The stock’s 50 day moving average price is $660.65 and its 200 day moving average price is $629.50. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $773.45. The company has a market capitalization of $213.73 billion, a P/E ratio of 74.39, a P/E/G ratio of 2.85 and a beta of 1.28. 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 (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter in the previous year, the firm earned $9.88 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, research analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.54%. Intuit’s dividend payout ratio is currently 33.77%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Oppenheimer reissued an “outperform” rating and set a $742.00 price objective (up from $642.00) on shares of Intuit in a research note on Friday, May 23rd. HSBC raised Intuit from a “hold” rating to a “buy” rating and set a $699.00 price objective for the company in a research note on Wednesday, April 23rd. Mizuho raised their price objective on Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. JPMorgan Chase & Co. raised their price objective on Intuit from $660.00 to $770.00 and gave the stock an “overweight” rating in a research note on Friday, May 23rd. Finally, Evercore ISI raised their price objective on Intuit from $685.00 to $785.00 and gave the stock an “outperform” rating in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $785.33.

Insiders Place Their Bets

In other Intuit news, EVP Alex G. Balazs sold 1,459 shares of the business’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $770.80, for a total value of $1,124,597.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Scott D. Cook sold 72,442 shares of the business’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider now directly owns 6,063,495 shares of the company’s stock, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 288,408 shares of company stock valued at $213,441,865 over the last quarter. Insiders own 2.68% of the company’s stock.

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.