Intuit Inc. $INTU Shares Bought by Sumitomo Mitsui Financial Group Inc.

Key Points

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Sumitomo Mitsui Financial Group Inc. boosted its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 18.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,301 shares of the software maker's stock after acquiring an additional 6,251 shares during the period. Intuit comprises about 0.5% of Sumitomo Mitsui Financial Group Inc.'s portfolio, making the stock its 27th largest position. Sumitomo Mitsui Financial Group Inc.'s holdings in Intuit were worth $24,744,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of INTU. Financial Management Professionals Inc. grew its position in Intuit by 18.4% during the first quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock valued at $71,000 after buying an additional 18 shares during the period. Chris Bulman Inc boosted its stake in shares of Intuit by 1.2% during the 1st quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after acquiring an additional 18 shares in the last quarter. Kolinsky Wealth Management LLC boosted its stake in shares of Intuit by 1.6% during the 4th quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock worth $749,000 after acquiring an additional 19 shares in the last quarter. Norden Group LLC grew its position in shares of Intuit by 1.2% during the 1st quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock valued at $1,021,000 after acquiring an additional 19 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC increased its stake in shares of Intuit by 2.6% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 791 shares of the software maker's stock valued at $486,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Insider Buying and Selling

In related news, EVP Mark P. Notarainni sold 1,147 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total value of $887,663.30. Following the completion of the sale, the executive vice president owned 19 shares of the company's stock, valued at approximately $14,704.10. This trade represents a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lauren D. Hotz sold 1,738 shares of Intuit stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $784.09, for a total value of $1,362,748.42. Following the transaction, the chief accounting officer owned 455 shares in the company, valued at approximately $356,760.95. The trade was a 79.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 in the last 90 days. Corporate insiders own 2.68% of the company's stock.

Intuit Price Performance

INTU stock traded down $1.39 during midday trading on Thursday, reaching $697.76. The stock had a trading volume of 2,497,899 shares, compared to its average volume of 1,726,857. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $813.70. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The company's fifty day simple moving average is $758.91 and its 200 day simple moving average is $673.86. The company has a market cap of $194.64 billion, a price-to-earnings ratio of 56.64, a price-to-earnings-growth ratio of 2.69 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company's quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the business earned $9.88 earnings per share. As a group, sell-side analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on INTU. Piper Sandler reiterated an "overweight" rating and set a $825.00 price target (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Susquehanna reaffirmed a "positive" rating on shares of Intuit in a research note on Friday, May 23rd. Morgan Stanley increased their target price on Intuit from $785.00 to $900.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. UBS Group set a $750.00 price target on shares of Intuit and gave the stock a "neutral" rating in a report on Friday, May 23rd. Finally, Hsbc Global Res upgraded shares of Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Intuit currently has a consensus rating of "Moderate Buy" and an average target price of $809.86.

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.