Korea Investment CORP Invests $50.58 Million in Intuit Inc. $INTU

Korea Investment CORP acquired a new stake in Intuit Inc. (NASDAQ:INTU) during the second quarter, Holdings Channel.com reports. The firm acquired 193,777 shares of the software maker’s stock, valued at approximately $50,576,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Joseph Group Capital Management bought a new stake in Intuit in the fourth quarter worth approximately $25,000. Intesa Sanpaolo Wealth Management bought a new position in shares of Intuit during the 4th quarter worth approximately $25,000. MidFirst Bank bought a new position in shares of Intuit during the 2nd quarter worth approximately $28,000. HHM Wealth Advisors LLC grew its position in shares of Intuit by 75.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 70 shares of the software maker’s stock worth $30,000 after buying an additional 30 shares during the period. Finally, Whipplewood Advisors LLC acquired a new stake in shares of Intuit during the 1st quarter worth approximately $30,000. Institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $367.00 on Friday. Intuit Inc. has a twelve month low of $252.84 and a twelve month high of $705.08. The stock’s 50 day moving average is $299.09 and its 200-day moving average is $359.96. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $100.39 billion, a price-to-earnings ratio of 22.23, a PEG ratio of 1.15 and a beta of 0.97.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Wednesday, May 20th. The software maker reported $12.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $12.57 by $0.23. The business had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $8.54 billion. Intuit had a net margin of 21.91% and a return on equity of 25.18%. Intuit’s revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $11.65 EPS. Sell-side analysts forecast that Intuit Inc. will post 18.19 EPS for the current fiscal year.

Key Stories Impacting Intuit

Here are the key news stories impacting Intuit this week:

• Positive Sentiment: Intuit’s TurboTax, Credit Karma and QuickBooks businesses remain central to the bullish case. Analysts say the company is building a year-round consumer financial platform and using cross-selling to increase engagement and average revenue per user. Intuit Consumer Flywheel Gains: Can Cross-Selling Sustain Higher ARPU?
• Positive Sentiment: Some analysts see potential for an upside earnings surprise, citing valuation compression, raised guidance and continued momentum in Intuit’s key growth engines. Bank of America maintained a Buy rating and a $400 price target, supporting investor confidence before the report. Intuit: Resilient Growth Drivers and Attractive Valuation Support Buy Rating
• Neutral Sentiment: Options-oriented coverage highlights the possibility of generating income by selling calls against existing INTU shares. The strategy may provide an attractive yield but limits upside if the stock rises above the option’s strike price. Get Paid 16% A Year To Hold INTU Stock You Already Own
• Neutral Sentiment: Wall Street’s outlook is mixed ahead of earnings. Piper Sandler reaffirmed an Underweight rating, while another valuation update reduced its fair-value estimate from $488.17 to $449.20, reflecting concerns about growth expectations, valuation and potential artificial-intelligence risks. Piper Sandler Reaffirms Underweight Rating for Intuit
• Negative Sentiment: Several law firms are publicizing a securities-fraud class action against Intuit and certain officers. The lawsuit alleges that the company made material misstatements or omissions about the strength of its tax-related business and TurboTax growth disclosures. Investors face a September 8 deadline to seek lead-plaintiff status. The legal claims are allegations and could create reputational, financial and investor-confidence risks. Intuit Securities Fraud Class Action Deadline Alert

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on INTU. Daiwa Securities Group dropped their target price on shares of Intuit from $640.00 to $500.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. UBS Group restated a “neutral” rating on shares of Intuit in a report on Tuesday. Weiss Ratings downgraded shares of Intuit from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, June 11th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Intuit from $530.00 to $425.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Piper Sandler reissued an “underweight” rating and set a $250.00 price objective on shares of Intuit in a research report on Wednesday. Twenty research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $451.26.

Insider Buying and Selling at Intuit

In other Intuit news, Director Vasant M. Prabhu bought 500 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was bought at an average cost of $309.71 per share, with a total value of $154,855.00. Following the completion of the transaction, the director directly owned 1,750 shares in the company, valued at approximately $541,992.50. The trade was a 40.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard L. Dalzell sold 338 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $279.86, for a total transaction of $94,592.68. Following the completion of the sale, the director owned 12,326 shares in the company, valued at $3,449,554.36. This represents a 2.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,239 shares of company stock worth $348,354. Corporate insiders own 2.49% of the company’s stock.

About Intuit

Intuit Inc (NASDAQ: INTU) is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.

Intuit’s product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities; TurboTax, a tax-preparation and filing service aimed at individual taxpayers; and Mint, a consumer personal-finance and budgeting app.