Bank of America Corp DE Has $764.88 Million Stock Holdings in Intuit Inc. $INTU

Key Points

• Bank of America reduced its Intuit stake by 8.6% in the first quarter, selling 166,329 shares but retaining 1.77 million shares valued at approximately $764.9 million. Institutional investors collectively own 83.66% of Intuit.
• Intuit beat quarterly expectations with adjusted EPS of $12.80 and revenue of $8.56 billion, up 10.4% year over year. The company also declared a $1.20 quarterly dividend, equal to a 1.5% annualized yield.
• Analysts have sharply lowered price targets following Intuit’s stock decline, although the consensus rating remains “Moderate Buy” with an average target of $462.39. Investors also face legal overhang from certified TurboTax-related litigation in Canada and a U.S. securities class-action lawsuit.

Bank of America Corp DE lowered its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 8.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,768,998 shares of the software maker's stock after selling 166,329 shares during the period. Bank of America Corp DE owned about 0.64% of Intuit worth $764,879,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in INTU. Norges Bank acquired a new stake in shares of Intuit during the fourth quarter worth about $3,058,407,000. Arrowstreet Capital Limited Partnership grew its position in shares of Intuit by 102.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,896,561 shares of the software maker's stock valued at $1,684,795,000 after purchasing an additional 1,972,719 shares during the period. Nicholas Hoffman & Company LLC. acquired a new position in shares of Intuit in the 1st quarter valued at approximately $785,564,000. Amundi increased its stake in Intuit by 44.9% during the 1st quarter. Amundi now owns 1,563,158 shares of the software maker's stock worth $675,878,000 after purchasing an additional 484,602 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Intuit by 20.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,791,212 shares of the software maker's stock worth $1,848,954,000 after buying an additional 471,451 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Intuit Stock Performance

Shares of INTU stock opened at $316.07 on Friday. Intuit Inc. has a 12 month low of $252.84 and a 12 month high of $807.15. The company's fifty day simple moving average is $289.00 and its 200-day simple moving average is $382.07. The firm has a market cap of $86.46 billion, a PE ratio of 19.14, a P/E/G ratio of 1.16 and a beta of 1.00. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.26.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results on Wednesday, May 20th. The software maker reported $12.80 EPS for the quarter, topping the consensus estimate of $12.57 by $0.23. The firm had revenue of $8.56 billion for the quarter, compared to analysts' expectations of $8.54 billion. Intuit had a net margin of 21.91% and a return on equity of 25.18%. The company's revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm posted $11.65 EPS. Intuit has set its Q4 2026 guidance at 3.560-3.620 EPS and its FY 2026 guidance at 23.800-23.850 EPS. Equities research analysts expect that Intuit Inc. will post 18.18 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Thursday, July 9th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Thursday, July 9th. Intuit's dividend payout ratio (DPR) is currently 29.07%.

Trending Headlines about Intuit

Here are the key news stories impacting Intuit this week:

• Positive Sentiment: Intuit is increasing its marketing presence on ChatGPT as major brands shift advertising budgets toward the platform. The move could help Intuit reach more consumers and support customer acquisition for TurboTax and its broader financial-product ecosystem, although the near-term financial impact is uncertain. Brands like Home Depot, Intuit, and Booking are betting bigger on ChatGPT ads
• Positive Sentiment: Intuit and College Board announced free financial-literacy tools for high school classrooms through a new AP Business with Personal Finance course. The partnership may strengthen Intuit’s brand and create longer-term engagement opportunities, but it is unlikely to materially affect near-term earnings. Intuit and College Board Partner to Bring Free Financial Tools
• Neutral Sentiment: Intuit will report fourth-quarter and full-year fiscal 2026 results after the market closes on August 25, followed by an investor day on September 17. Investors will likely look for updates on TurboTax demand, AI investments, restructuring and fiscal 2027 guidance. Intuit to Announce Fourth-Quarter and Full-Year Fiscal 2026 Results
• Negative Sentiment: An Ontario court certified a consumer-protection and competition class action against Intuit Canada and Intuit Inc. involving allegations that TurboTax’s “free” advertising was misleading. Certification allows the case to proceed and increases potential litigation costs, damages exposure and reputational risk; the allegations have not been proven. Ontario Superior Court Certifies Consumer Protection and Competition Act Class Action Against Intuit
• Negative Sentiment: Multiple law firms announced or promoted a U.S. securities class action covering investors who purchased INTU between August 22, 2025 and May 20, 2026. The complaints reportedly involve alleged misrepresentations concerning TurboTax growth prospects and investor harm after significant stock declines. Investors face a September 8, 2026 deadline to seek lead-plaintiff status. The repeated notices add headline and legal overhang, though they do not represent new financial results or a court finding against Intuit. Class Action Filed Alleging Investor Harm

Wall Street Analysts Forecast Growth

INTU has been the topic of a number of research reports. UBS Group cut their price target on shares of Intuit from $440.00 to $360.00 and set a "neutral" rating on the stock in a research note on Thursday, May 21st. Oppenheimer dropped their price objective on shares of Intuit from $558.00 to $406.00 and set an "outperform" rating on the stock in a report on Thursday, May 21st. TD Cowen cut shares of Intuit from a "buy" rating to a "hold" rating and cut their price objective for the company from $504.00 to $304.00 in a research report on Tuesday. The Goldman Sachs Group lowered shares of Intuit from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $519.00 to $276.00 in a research note on Tuesday, June 2nd. Finally, BMO Capital Markets dropped their price target on Intuit from $550.00 to $412.00 and set an "outperform" rating on the stock in a research note on Thursday, May 21st. Twenty investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $462.39.

Insider Activity at Intuit

In related news, Director Vasant M. Prabhu acquired 1,250 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were bought at an average price of $309.45 per share, for a total transaction of $386,812.50. Following the purchase, the director directly owned 1,250 shares in the company, valued at approximately $386,812.50. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard L. Dalzell sold 338 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $279.86, for a total value of $94,592.68. Following the completion of the sale, the director directly owned 12,326 shares of the company's stock, valued at approximately $3,449,554.36. The trade was a 2.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,239 shares of company stock worth $348,354 in the last ninety days. Insiders own 2.49% of the company's stock.

Intuit Profile

Intuit Inc NASDAQ: INTU is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.

Intuit's product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities; TurboTax, a tax-preparation and filing service aimed at individual taxpayers; and Mint, a consumer personal-finance and budgeting app.

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