Principal Financial Group Inc. Has $225.49 Million Position in Intuit Inc. (NASDAQ:INTU)

Principal Financial Group Inc. decreased its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 72.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 367,257 shares of the software maker's stock after selling 957,696 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of Intuit worth $225,493,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. NewSquare Capital LLC raised its position in shares of Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock valued at $27,000 after purchasing an additional 18 shares during the period. Ethos Financial Group LLC increased its position in Intuit by 3.7% during the fourth quarter. Ethos Financial Group LLC now owns 508 shares of the software maker's stock worth $319,000 after acquiring an additional 18 shares during the period. Legacy Investment Solutions LLC increased its position in Intuit by 18.0% during the fourth quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after acquiring an additional 18 shares during the period. Financial Management Professionals Inc. increased 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 worth $71,000 after acquiring an additional 18 shares during the period. Finally, Chris Bulman Inc increased its position in Intuit by 1.2% during the first quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after acquiring an additional 18 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Alex G. Balazs sold 1,459 shares of the firm'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 SEC, which can be accessed through this link. Also, insider Scott D. Cook sold 62,816 shares of the firm'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 transaction, the insider directly owned 6,000,679 shares in the company, valued at approximately $4,596,460,107.21. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 275,661 shares of company stock worth $206,491,776. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Up 1.1%

Shares of INTU traded up $8.56 during mid-day trading on Friday, hitting $782.26. 822,973 shares of the company's stock were exchanged, compared to its average volume of 1,619,864. The company has a market cap of $218.21 billion, a PE ratio of 63.49, a P/E/G ratio of 3.47 and a beta of 1.27. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $790.60. The company has a 50-day simple moving average of $718.90 and a 200 day simple moving average of $642.39. 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 (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same period last year, the business earned $9.88 EPS. The business's quarterly revenue was up 15.1% on a year-over-year basis. On average, research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.53%. Intuit's dividend payout ratio is presently 33.77%.

Wall Street Analysts Forecast Growth

INTU has been the topic of several analyst reports. Scotiabank raised shares of Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their price target for the company from $600.00 to $700.00 in a report on Thursday, April 17th. CLSA initiated coverage on shares of Intuit in a report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 target price on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $825.00 target price (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. Hsbc Global Res raised shares of Intuit from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" 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 given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $793.05.

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.