Profund Advisors LLC Raises Position in Intuit Inc. (NASDAQ:INTU)

Profund Advisors LLC increased its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 0.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,106 shares of the software maker’s stock after buying an additional 52 shares during the quarter. Intuit accounts for about 0.6% of Profund Advisors LLC’s portfolio, making the stock its 27th largest position. Profund Advisors LLC’s holdings in Intuit were worth $17,157,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Intuit by 1.1% during the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after acquiring an additional 283,291 shares in the last quarter. Wellington Management Group LLP increased its stake in Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after buying an additional 270,432 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Intuit by 4.2% during the second quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock worth $925,262,000 after buying an additional 56,370 shares during the period. Finally, Parnassus Investments LLC lifted its stake in shares of Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after buying an additional 727,185 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INTU has been the subject of a number of research analyst reports. Jefferies Financial Group raised their target price on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Barclays reduced their price objective on Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Susquehanna reissued a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price objective (up from $760.00) on shares of Intuit in a report on Friday, August 23rd. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Intuit Stock Down 1.4 %

Intuit stock opened at $644.99 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $180.31 billion, a PE ratio of 59.50, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The business has a 50 day simple moving average of $636.82 and a 200-day simple moving average of $631.24. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, analysts anticipate that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.64%. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

Insider Buying and Selling

In other Intuit news, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $15,752,985.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,389 shares of company stock worth $14,231,188. Insiders own 2.90% of the company’s stock.

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.