Fifth Third Bancorp Raises Position in Intuit Inc. (NASDAQ:INTU)

Fifth Third Bancorp lifted its stake in Intuit Inc. (NASDAQ:INTU) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,168 shares of the software maker’s stock after buying an additional 593 shares during the period. Fifth Third Bancorp’s holdings in Intuit were worth $29,575,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Intuit by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after buying an additional 353,185 shares during the period. Geode Capital Management LLC boosted its position in shares of Intuit by 2.2% in 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 buying an additional 132,384 shares during the period. Wellington Management Group LLP boosted its position in shares of Intuit by 13.3% in 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 buying an additional 620,559 shares during the period. Norges Bank purchased a new stake in shares of Intuit in the fourth quarter worth about $2,290,419,000. Finally, Northern Trust Corp boosted its holdings in Intuit by 17.3% in the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker’s stock valued at $2,118,682,000 after purchasing an additional 498,030 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity at Intuit

In related news, Director Eve B. Burton sold 1,702 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total value of $1,021,200.00. Following the sale, the director now directly owns 8 shares in the company, valued at $4,800. This trade represents a 99.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 62,816 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $765.99, for a total value of $48,116,427.84. Following the completion of the sale, the insider now owns 6,000,679 shares in the company, valued at approximately $4,596,460,107.21. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 288,408 shares of company stock worth $213,441,865 in the last three months. 2.68% of the stock is owned by company insiders.

Analyst Ratings Changes

INTU has been the subject of a number of analyst reports. Redburn Atlantic initiated coverage on Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. HSBC raised Intuit from a “hold” rating to a “buy” rating and set a $699.00 price target for the company in a report on Wednesday, April 23rd. Scotiabank raised Intuit from a “sector perform” rating to a “sector outperform” rating and increased their price target for the company from $600.00 to $700.00 in a report on Thursday, April 17th. The Goldman Sachs Group increased their price target on Intuit from $750.00 to $860.00 and gave the company a “buy” rating in a report on Monday, May 19th. Finally, KeyCorp reissued an “overweight” rating and issued a $850.00 price target (up previously from $770.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have issued 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.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $785.33.

Intuit Stock Up 0.2%

Shares of Intuit stock opened at $766.21 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The business’s 50 day simple moving average is $660.65 and its 200-day simple moving average is $629.50. The stock has a market capitalization of $213.73 billion, a price-to-earnings ratio of 74.39, a PEG ratio of 2.85 and a beta of 1.28. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $773.45.

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. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm earned $9.88 EPS. Equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

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 $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.54%. The ex-dividend date is Thursday, July 10th. Intuit’s dividend payout ratio is currently 33.77%.

Intuit 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.