Truist Financial Corp Trims Stock Position in Intuit Inc. (NASDAQ:INTU)

Truist Financial Corp trimmed its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 6.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,465 shares of the software maker's stock after selling 5,730 shares during the period. Truist Financial Corp's holdings in Intuit were worth $55,544,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Legacy Investment Solutions LLC raised its holdings in shares of Intuit by 18.0% during the fourth quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock valued at $68,000 after purchasing an additional 18 shares during the last quarter. Financial Management Professionals Inc. raised its holdings in shares of 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 purchasing an additional 18 shares during the last quarter. Chris Bulman Inc raised its holdings in shares of Intuit by 1.2% during the first quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock valued at $935,000 after purchasing an additional 18 shares during the last quarter. Plancorp LLC increased its holdings in Intuit by 2.2% during the fourth quarter. Plancorp LLC now owns 889 shares of the software maker's stock valued at $559,000 after buying an additional 19 shares during the last quarter. Finally, Kolinsky Wealth Management LLC increased its holdings in Intuit by 1.6% during the fourth quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock valued at $749,000 after buying an additional 19 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 62,816 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $765.99, for a total value of $48,116,427.84. Following the completion of the sale, the insider directly owned 6,000,679 shares in the company, valued at $4,596,460,107.21. This trade represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alex G. Balazs sold 1,459 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $770.80, for a total transaction of $1,124,597.20. The disclosure for this sale can be found here. Insiders sold 278,252 shares of company stock valued at $208,518,508 over the last quarter. Insiders own 2.68% of the company's stock.

Intuit Trading Down 1.4%

INTU stock traded down $11.30 during trading on Wednesday, hitting $770.18. The company had a trading volume of 960,972 shares, compared to its average volume of 1,619,650. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $214.84 billion, a P/E ratio of 62.51, a PEG ratio of 3.49 and a beta of 1.27. The company has a 50 day simple moving average of $725.37 and a 200-day simple moving average of $644.37. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $790.60.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. Intuit's revenue was up 15.1% compared to the same quarter last year. During the same period last year, the company posted $9.88 earnings per share. As a group, 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. Shareholders 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 yield of 0.54%. Intuit's dividend payout ratio (DPR) is 33.77%.

Wall Street Analyst Weigh In

A number of brokerages have commented on INTU. Barclays reaffirmed an "overweight" rating and set a $815.00 target price (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. Stifel Nicolaus upped their target price on shares of Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Scotiabank raised shares of Intuit from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. Evercore ISI increased their price objective on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. Finally, CLSA started coverage on shares of Intuit in a research note on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $798.27.

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.