Fifth Third Bancorp Decreases Stake in Intuit Inc. (NASDAQ:INTU)

Fifth Third Bancorp cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,841 shares of the software maker’s stock after selling 402 shares during the quarter. Fifth Third Bancorp’s holdings in Intuit were worth $32,099,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in INTU. DiNuzzo Private Wealth Inc. acquired a new position in shares of Intuit in the fourth quarter valued at about $25,000. West Branch Capital LLC increased its holdings in Intuit by 79.2% in the 1st quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock worth $28,000 after buying an additional 19 shares during the period. MCF Advisors LLC raised its position in Intuit by 119.0% during the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after buying an additional 25 shares during the last quarter. Hobbs Group Advisors LLC acquired a new stake in Intuit during the 2nd quarter valued at approximately $35,000. Finally, Wetzel Investment Advisors Inc. purchased a new stake in shares of Intuit in the 4th quarter valued at $38,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Intuit

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the transaction, the insider now owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Intuit news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the transaction, the insider now directly owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,963 shares of company stock worth $114,442,445. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the subject of several recent research reports. Jefferies Financial Group reissued a “buy” rating and set a $770.00 target price on shares of Intuit in a report on Thursday, June 13th. Erste Group Bank restated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a report on Monday, May 27th. KeyCorp boosted their price target on Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Finally, Bank of America dropped their price objective on shares of Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Five research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $691.77.

Intuit Price Performance

Shares of INTU traded up $3.21 during trading hours on Wednesday, hitting $670.49. 1,255,620 shares of the stock were exchanged, compared to its average volume of 1,315,294. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The company has a market cap of $187.43 billion, a price-to-earnings ratio of 61.55, a price-to-earnings-growth ratio of 3.14 and a beta of 1.23. The stock’s 50-day moving average price is $635.80 and its two-hundred day moving average price is $634.12.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $7.80 EPS. Research analysts expect that Intuit Inc. will post 11.72 earnings per share for the current year.

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.