Intuit Inc. $INTU Shares Acquired by Sumitomo Mitsui Financial Group Inc.

Sumitomo Mitsui Financial Group Inc. boosted its position in Intuit Inc. (NASDAQ:INTU) by 18.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 40,301 shares of the software maker’s stock after purchasing an additional 6,251 shares during the quarter. Intuit comprises approximately 0.5% of Sumitomo Mitsui Financial Group Inc.’s investment portfolio, making the stock its 27th largest position. Sumitomo Mitsui Financial Group Inc.’s holdings in Intuit were worth $24,744,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. raised its stake in Intuit by 18.4% in the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker’s stock valued at $71,000 after purchasing an additional 18 shares during the last quarter. Chris Bulman Inc increased its stake in shares of Intuit by 1.2% in the 1st quarter. Chris Bulman Inc now owns 1,523 shares of the software maker’s stock worth $935,000 after acquiring an additional 18 shares during the last quarter. Kolinsky Wealth Management LLC increased its stake in shares of Intuit by 1.6% in the 4th quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker’s stock worth $749,000 after acquiring an additional 19 shares during the last quarter. Norden Group LLC increased its stake in shares of Intuit by 1.2% in the 1st quarter. Norden Group LLC now owns 1,663 shares of the software maker’s stock worth $1,021,000 after acquiring an additional 19 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC increased its stake in shares of Intuit by 2.6% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 791 shares of the software maker’s stock worth $486,000 after acquiring an additional 20 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Trading Up 0.1%

NASDAQ:INTU opened at $717.21 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $813.70. The firm has a market cap of $200.07 billion, a P/E ratio of 58.22, a PEG ratio of 2.76 and a beta of 1.28. The stock’s 50 day simple moving average is $762.81 and its 200-day simple moving average is $672.81.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the previous year, the business earned $9.88 earnings per share. Intuit’s quarterly revenue was up 15.1% compared to the same quarter last year. Equities analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Insider Buying and Selling

In other news, CFO Sandeep Aujla sold 16,061 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total value of $11,662,373.93. Following the transaction, the chief financial officer directly owned 197 shares in the company, valued at $143,047.61. This trade represents a 98.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kerry J. Mclean sold 16,700 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the transaction, the executive vice president owned 23,101 shares in the company, valued at approximately $16,844,325.16. This trade represents a 41.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 279,800 shares of company stock worth $209,725,054. Corporate insiders own 2.68% of the company’s stock.

Analysts Set New Price Targets

INTU has been the subject of a number of recent research reports. Susquehanna reaffirmed a “positive” rating on shares of Intuit in a research note on Friday, May 23rd. Bank of America raised their target price on Intuit from $730.00 to $875.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. Citigroup raised their target price on Intuit from $789.00 to $815.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on Intuit from $660.00 to $770.00 and gave the stock an “overweight” rating in a research note on Friday, May 23rd. Finally, Jefferies Financial Group set a $850.00 price target on Intuit and gave the stock a “buy” rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $809.86.

Intuit 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.