Parallel Advisors LLC Reduces Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Parallel Advisors LLC lowered its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 0.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,986 shares of the software maker’s stock after selling 116 shares during the quarter. Parallel Advisors LLC’s holdings in Intuit were worth $15,106,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in INTU. Stoneridge Investment Partners LLC purchased a new position in Intuit during the second quarter valued at $802,000. Zions Bancorporation N.A. grew its stake in shares of Intuit by 7.7% during the 2nd quarter. Zions Bancorporation N.A. now owns 5,591 shares of the software maker’s stock valued at $3,674,000 after acquiring an additional 402 shares during the period. Federated Hermes Inc. increased its holdings in Intuit by 18.2% in the 2nd quarter. Federated Hermes Inc. now owns 150,473 shares of the software maker’s stock worth $98,892,000 after acquiring an additional 23,201 shares in the last quarter. Pinkerton Retirement Specialists LLC raised its stake in Intuit by 5.4% during the 2nd quarter. Pinkerton Retirement Specialists LLC now owns 3,947 shares of the software maker’s stock worth $2,594,000 after acquiring an additional 201 shares during the period. Finally, Meeder Advisory Services Inc. lifted its holdings in Intuit by 32.0% during the second quarter. Meeder Advisory Services Inc. now owns 5,838 shares of the software maker’s stock valued at $3,837,000 after purchasing an additional 1,416 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

INTU has been the topic of a number of analyst reports. Barclays lowered their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research note on Friday, June 14th. BMO Capital Markets lifted their target price on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Bank of America boosted their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Finally, KeyCorp increased their price objective on shares of Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the transaction, the executive vice president now owns 20 shares of the company’s stock, valued at approximately $12,575.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the transaction, the executive vice president now owns 20 shares in the company, valued at $12,575.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,940 shares of company stock worth $10,721,252. 2.90% of the stock is currently owned by company insiders.

Intuit Price Performance

NASDAQ:INTU opened at $655.31 on Friday. The firm has a market capitalization of $183.68 billion, a price-to-earnings ratio of 60.45, a PEG ratio of 3.14 and a beta of 1.24. 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 business has a 50 day simple moving average of $636.63 and a 200-day simple moving average of $632.02. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results 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 return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the company earned $0.40 earnings per share. Intuit’s revenue was up 17.4% on a year-over-year basis. Equities analysts forecast that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.63%. Intuit’s dividend payout ratio is currently 33.21%.

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.