PNC Financial Services Group Inc. Acquires 3,674 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• PNC Financial Services Group Inc. increased its stake in Intuit Inc. by 3.2% during the first quarter, acquiring an additional 3,674 shares, bringing its total holdings to 117,935 shares valued at approximately $72.41 million.
• Intuit reported a quarterly earnings per share (EPS) of $11.65, exceeding analyst estimates of $10.89, with revenues of $7.75 billion, up 15.1% from the previous year.
• The company also announced a quarterly dividend of $1.04 per share, representing an annualized dividend yield of 0.5%, with a payout ratio of 33.77%.

PNC Financial Services Group Inc. increased its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 3.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 117,935 shares of the software maker's stock after acquiring an additional 3,674 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Intuit were worth $72,411,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Pinnacle Financial Partners Inc increased its position in Intuit by 3.6% in the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock worth $10,922,000 after buying an additional 623 shares during the last quarter. Capitolis Liquid Global Markets LLC purchased a new stake in Intuit in the fourth quarter worth $109,988,000. Financial Gravity Asset Management Inc. purchased a new stake in Intuit in the first quarter worth $2,285,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Intuit in the fourth quarter worth $237,244,000. Finally, China Universal Asset Management Co. Ltd. increased its position in Intuit by 16.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 6,905 shares of the software maker's stock worth $4,240,000 after buying an additional 962 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Trading Down 1.1%

INTU opened at $776.15 on Friday. The business has a 50 day simple moving average of $767.11 and a two-hundred day simple moving average of $662.02. The firm has a market capitalization of $216.51 billion, a price-to-earnings ratio of 63.00, a PEG ratio of 3.44 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. Intuit Inc. has a one year low of $532.65 and a one year high of $813.70.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly 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 analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.88 EPS. Analysts predict that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.5%. Intuit's dividend payout ratio is currently 33.77%.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of recent research reports. The Goldman Sachs Group raised their target price on Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Bank of America raised their target price on Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Piper Sandler reiterated an "overweight" rating and issued a $825.00 price target (up from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Hsbc Global Res upgraded Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. Finally, Jefferies Financial Group set a $850.00 price target on Intuit and gave the company a "buy" rating in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Intuit currently has a consensus rating of "Moderate Buy" and an average target price of $806.27.

Insider Transactions at Intuit

In other news, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the transaction, the executive vice president owned 23,101 shares of the company's stock, valued at approximately $16,844,325.16. This represents a 41.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the transaction, the insider directly owned 6,063,495 shares of the company's stock, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is owned by insiders.

Intuit Company 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.

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