PNC Financial Services Group Inc. Raises Position in Intuit Inc. (NASDAQ:INTU)

PNC Financial Services Group Inc. lifted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 2.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 127,892 shares of the software maker’s stock after purchasing an additional 2,498 shares during the period. PNC Financial Services Group Inc.’s holdings in Intuit were worth $79,421,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Legal & General Group Plc boosted its holdings in Intuit by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after buying an additional 23,995 shares during the period. Ameriprise Financial Inc. boosted its holdings in Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after purchasing an additional 238,486 shares during the period. Principal Financial Group Inc. boosted its holdings in Intuit by 4.2% in the 2nd quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock valued at $925,262,000 after purchasing an additional 56,370 shares during the period. Capital World Investors boosted its holdings in Intuit by 1.0% in the 1st quarter. Capital World Investors now owns 1,188,779 shares of the software maker’s stock valued at $772,706,000 after purchasing an additional 12,068 shares during the period. Finally, Unisphere Establishment boosted its holdings in Intuit by 4.2% in the 2nd quarter. Unisphere Establishment now owns 1,000,000 shares of the software maker’s stock valued at $657,210,000 after purchasing an additional 40,000 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now owns 20 shares in the company, valued at $12,575.20. This trade represents a 99.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Sandeep Aujla sold 4,000 shares of Intuit stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the sale, the chief financial officer now owns 452 shares of the company’s stock, valued at $279,010.56. The trade was a 89.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on INTU. Susquehanna reissued a “positive” rating and issued a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Scotiabank began coverage on shares of Intuit in a report on Monday. They set a “sector perform” rating and a $700.00 price objective for the company. Barclays lifted their price objective on shares of Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler reaffirmed an “overweight” rating and set a $768.00 price objective on shares of Intuit in a report on Friday, September 27th. Finally, Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $737.06.

Intuit Stock Performance

Shares of NASDAQ INTU opened at $644.17 on Wednesday. The firm has a fifty day moving average price of $634.32 and a 200-day moving average price of $630.75. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market cap of $180.55 billion, a PE ratio of 61.64, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. Intuit Inc. has a 1 year low of $557.29 and a 1 year high of $714.78.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. Equities analysts anticipate that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

About Intuit

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.