Parsons Capital Management Inc. RI Sells 1,480 Shares of Intuit Inc. (NASDAQ:INTU)

Parsons Capital Management Inc. RI decreased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 9.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,970 shares of the software maker’s stock after selling 1,480 shares during the period. Parsons Capital Management Inc. RI’s holdings in Intuit were worth $3,912,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. FMR LLC increased its position in shares of Intuit by 10.0% during the first quarter. FMR LLC now owns 10,219,799 shares of the software maker’s stock worth $2,671,557,000 after acquiring an additional 930,221 shares in the last quarter. Janus Henderson Group PLC grew its position in Intuit by 28.7% in the second quarter. Janus Henderson Group PLC now owns 4,752,482 shares of the software maker’s stock valued at $1,241,949,000 after purchasing an additional 1,060,033 shares in the last quarter. Fundsmith LLP grew its position in Intuit by 1.3% in the first quarter. Fundsmith LLP now owns 4,481,318 shares of the software maker’s stock valued at $1,171,461,000 after purchasing an additional 55,544 shares in the last quarter. Geode Capital Management LLC grew its position in Intuit by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 3,709,006 shares of the software maker’s stock valued at $728,975,000 after purchasing an additional 118,956 shares in the last quarter. Finally, Northern Trust Corp grew its position in Intuit by 1.6% in the first quarter. Northern Trust Corp now owns 3,271,541 shares of the software maker’s stock valued at $855,213,000 after purchasing an additional 52,834 shares in the last quarter. 88.48% of the stock is owned by institutional investors.

INTU stock traded up $0.56 during trading hours on Thursday, reaching $268.45. The stock had a trading volume of 31,786 shares, compared to its average volume of 1,165,925. The company has a market capitalization of $70.68 billion, a PE ratio of 59.28, a PEG ratio of 2.74 and a beta of 1.10. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average is $274.58. Intuit Inc. has a fifty-two week low of $182.61 and a fifty-two week high of $284.97.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 23rd. The software maker reported $5.55 EPS for the quarter, beating analysts’ consensus estimates of $5.12 by $0.43. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Intuit had a net margin of 24.34% and a return on equity of 52.65%. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $4.82 earnings per share. As a group, sell-side analysts predict that Intuit Inc. will post 5.49 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date was Tuesday, July 9th. Intuit’s dividend payout ratio is presently 41.50%.

A number of research firms recently weighed in on INTU. Jefferies Financial Group raised their target price on shares of Intuit from $272.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, May 24th. ValuEngine downgraded shares of Intuit from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 26th. Morgan Stanley raised their target price on shares of Intuit from $239.00 to $244.00 and gave the company an “equal weight” rating in a research report on Friday, May 24th. KeyCorp raised their target price on shares of Intuit from $280.00 to $285.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Finally, Credit Suisse Group raised their target price on shares of Intuit from $260.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 24th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Intuit presently has an average rating of “Buy” and a consensus target price of $254.15.

In other news, Chairman Scott D. Cook sold 133,334 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $262.87, for a total transaction of $35,049,508.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Scott D. Cook sold 103,817 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $258.59, for a total transaction of $26,846,038.03. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 277,296 shares of company stock valued at $72,342,898. 4.60% of the stock is currently owned by corporate insiders.

Intuit Company Profile

Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.

Further Reading: Return on Equity (ROE)

Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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