Fifth Third Bancorp Purchases 593 Shares of Intuit Inc. (NASDAQ:INTU)

Fifth Third Bancorp boosted its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INTU. Copia Wealth Management bought a new position in Intuit in the fourth quarter worth approximately $25,000. NewSquare Capital LLC raised its position in Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after acquiring an additional 18 shares during the period. Summit Securities Group LLC bought a new position in Intuit in the fourth quarter worth approximately $28,000. Heck Capital Advisors LLC bought a new position in Intuit in the fourth quarter worth approximately $28,000. Finally, VSM Wealth Advisory LLC bought a new position in Intuit in the fourth quarter worth approximately $35,000. Institutional investors own 83.66% of the company's stock.

Insider Buying and Selling

In other news, EVP Alex G. Balazs sold 1,459 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $770.80, for a total value of $1,124,597.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott D. Cook sold 62,816 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $765.99, for a total transaction of $48,116,427.84. Following the completion of the sale, the insider now owns 6,000,679 shares of the company's stock, valued at approximately $4,596,460,107.21. This represents a 1.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 288,408 shares of company stock valued at $213,441,865. Company insiders own 2.68% of the company's stock.

Intuit Price Performance

Shares of NASDAQ:INTU traded down $12.23 on Friday, reaching $753.98. The company's stock had a trading volume of 1,148,047 shares, compared to its average volume of 1,609,674. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $773.45. The company has a market cap of $210.32 billion, a P/E ratio of 73.20, a PEG ratio of 2.85 and a beta of 1.28. The company has a 50-day simple moving average of $664.85 and a 200 day simple moving average of $630.29. 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 - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same period last year, the company posted $9.88 EPS. The business's revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a dividend of $1.04 per share. 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 0.55%. Intuit's dividend payout ratio is presently 33.77%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on INTU. Bank of America raised their price objective on shares of Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Mizuho raised their price objective on shares of Intuit from $750.00 to $765.00 and gave the company an "outperform" rating in a research report on Monday, March 3rd. The Goldman Sachs Group raised their price objective on shares of Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Piper Sandler restated an "overweight" rating and set a $825.00 price objective (up from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Scotiabank upgraded shares of Intuit from a "sector perform" rating to a "sector outperform" rating and lifted their price target for the company from $600.00 to $700.00 in a report on Thursday, April 17th. One 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 assigned a strong buy rating to the stock. According to MarketBeat, Intuit presently has an average rating of "Moderate Buy" and an average price target of $787.95.

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.