Zions Bancorporation National Association UT Makes New Investment in Intuit Inc. (NASDAQ:INTU)

Key Points

• Zions Bancorporation acquired a new position in Intuit Inc. by purchasing 10,178 shares, valued at approximately $6,249,000, according to their recent SEC filing.
• Intuit's dividend yield is currently at 0.5%, with a recent quarterly dividend of $1.04 per share paid to stockholders of record.
• The company's earnings exceeded expectations, reporting $11.65 EPS for the quarter, surpassing the consensus estimate of $10.89, and a revenue growth of 15.1% year-over-year.

Zions Bancorporation National Association UT acquired a new position in Intuit Inc. (NASDAQ:INTU - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 10,178 shares of the software maker's stock, valued at approximately $6,249,000.

Several other institutional investors have also added to or reduced their stakes in the company. Pinnacle Financial Partners Inc raised its stake 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 in the last quarter. Capitolis Liquid Global Markets LLC purchased a new stake in shares of Intuit during the fourth quarter valued at $109,988,000. Malaga Cove Capital LLC grew its holdings in shares of Intuit by 110.6% during the first quarter. Malaga Cove Capital LLC now owns 874 shares of the software maker's stock valued at $537,000 after buying an additional 459 shares during the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of Intuit during the first quarter valued at $2,285,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Intuit during the fourth quarter valued at $237,244,000. Institutional investors own 83.66% of the company's stock.

Intuit Price Performance

Shares of INTU traded down $12.61 during mid-day trading on Friday, hitting $749.00. 1,670,219 shares of the company were exchanged, compared to its average volume of 1,423,083. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The company has a 50 day moving average of $769.27 and a 200-day moving average of $667.63. The stock has a market cap of $208.93 billion, a price-to-earnings ratio of 60.80, a price-to-earnings-growth ratio of 2.89 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings data 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 company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. Intuit's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $9.88 EPS. Analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were paid 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 0.6%. Intuit's dividend payout ratio is 33.77%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. KeyCorp reissued an "overweight" rating and set a $850.00 price objective (up from $770.00) on shares of Intuit in a report on Friday, May 23rd. Jefferies Financial Group set a $850.00 price target on shares of Intuit and gave the company a "buy" rating in a report on Friday, May 23rd. Barclays reaffirmed an "overweight" rating and issued a $815.00 price target (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. Piper Sandler reaffirmed an "overweight" rating and issued a $825.00 price target (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. Finally, BMO Capital Markets upped their price target on shares of Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, two have given 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $806.27.

Insiders Place Their Bets

In other news, EVP Mark P. Notarainni sold 1,147 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were 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 $14,704.10. This represents a 98.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 2,591 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total transaction of $2,026,732.02. Following the completion of the sale, the chief financial officer directly owned 768 shares of the company's stock, valued at approximately $600,744.96. This trade represents a 77.14% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is currently owned by company 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.