Parsons Capital Management Inc. RI Has $4.11 Million Stake in Intuit Inc. (NASDAQ:INTU)

Parsons Capital Management Inc. RI trimmed its position in shares of Intuit Inc. (NASDAQ:INTU) by 0.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,691 shares of the software maker’s stock after selling 40 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Intuit were worth $4,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. NewSquare Capital LLC lifted its holdings in Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares during the last quarter. Ethos Financial Group LLC increased its position in Intuit by 3.7% in the 4th quarter. Ethos Financial Group LLC now owns 508 shares of the software maker’s stock worth $319,000 after buying an additional 18 shares during the period. Legacy Investment Solutions LLC increased its position in Intuit by 18.0% in the 4th quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker’s stock worth $68,000 after buying an additional 18 shares during the period. Financial Management Professionals Inc. increased its position in Intuit by 18.4% in the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker’s stock worth $71,000 after buying an additional 18 shares during the period. Finally, Plancorp LLC increased its position in Intuit by 2.2% in the 4th quarter. Plancorp LLC now owns 889 shares of the software maker’s stock worth $559,000 after buying an additional 19 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Scott D. Cook sold 72,442 shares of Intuit 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 sale, the insider now owns 6,063,495 shares of the company’s stock, valued at approximately $4,494,808,208.55. This trade represents a 1.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark P. Notarainni sold 469 shares of Intuit stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $725.00, for a total value of $340,025.00. Following the completion of the sale, the executive vice president now directly owns 19 shares in the company, valued at approximately $13,775. This represents a 96.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 225,592 shares of company stock worth $165,325,437 in the last 90 days. Corporate insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on INTU shares. JPMorgan Chase & Co. upped their target price on Intuit from $660.00 to $770.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. HSBC upgraded Intuit from a “hold” rating to a “buy” rating and set a $699.00 price objective for the company in a research note on Wednesday, April 23rd. KeyCorp reiterated an “overweight” rating and set a $850.00 price objective (up from $770.00) on shares of Intuit in a research note on Friday, May 23rd. Scotiabank upgraded Intuit from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. Finally, BMO Capital Markets restated an “outperform” rating and set a $820.00 target price (up previously from $714.00) on shares of Intuit in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $785.33.

Intuit Price Performance

Shares of INTU opened at $764.38 on Tuesday. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $773.45. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a market cap of $213.22 billion, a P/E ratio of 74.21, a price-to-earnings-growth ratio of 2.85 and a beta of 1.28. The stock’s 50-day moving average price is $649.11 and its two-hundred day moving average price is $626.71.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter in the previous year, the business posted $9.88 EPS. Intuit’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Thursday, July 10th. Intuit’s dividend payout ratio (DPR) is presently 33.77%.

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.