Intuit Inc. (NASDAQ:INTU) Short Interest Down 5.8% in June

Intuit Inc. (NASDAQ:INTU) saw a large drop in short interest in June. As of June 15th, there was short interest totalling 3,390,000 shares, a drop of 5.8% from the May 31st total of 3,600,000 shares. Based on an average daily volume of 1,430,000 shares, the short-interest ratio is presently 2.4 days. Currently, 1.3% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Jefferies Financial Group restated a “buy” rating and issued a $770.00 price objective on shares of Intuit in a report on Thursday, June 13th. Erste Group Bank restated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Bank of America reduced their price target on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Royal Bank of Canada assumed coverage on Intuit in a research report on Wednesday. They set an “outperform” rating and a $760.00 price objective for the company. Finally, Wells Fargo & Company increased their price target on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 21st. Five equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $687.22.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 14,748 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $567.40, for a total value of $8,368,015.20. Following the sale, the insider now owns 6,701,721 shares in the company, valued at approximately $3,802,556,495.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Scott D. Cook sold 14,748 shares of Intuit stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $567.40, for a total value of $8,368,015.20. Following the sale, the insider now owns 6,701,721 shares of the company’s stock, valued at approximately $3,802,556,495.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the transaction, the insider now owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The disclosure for this sale can be found here. Insiders have sold a total of 195,963 shares of company stock worth $114,442,445 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Intuit

A number of hedge funds have recently added to or reduced their stakes in INTU. Marcum Wealth LLC lifted its holdings in Intuit by 3.2% in the second quarter. Marcum Wealth LLC now owns 1,712 shares of the software maker’s stock valued at $1,125,000 after acquiring an additional 53 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Intuit by 5.5% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 10,518 shares of the software maker’s stock worth $6,913,000 after buying an additional 548 shares in the last quarter. GAMMA Investing LLC grew its stake in Intuit by 44.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,870 shares of the software maker’s stock valued at $1,886,000 after acquiring an additional 883 shares during the last quarter. Transcend Capital Advisors LLC increased its holdings in Intuit by 316.3% during the 2nd quarter. Transcend Capital Advisors LLC now owns 1,936 shares of the software maker’s stock valued at $1,273,000 after acquiring an additional 1,471 shares in the last quarter. Finally, Appleton Partners Inc. MA raised its position in Intuit by 6.3% during the second quarter. Appleton Partners Inc. MA now owns 26,614 shares of the software maker’s stock worth $17,491,000 after acquiring an additional 1,587 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Price Performance

Shares of NASDAQ INTU opened at $659.90 on Thursday. The stock’s 50-day simple moving average is $619.94 and its 200-day simple moving average is $628.97. The firm has a market capitalization of $184.48 billion, a PE ratio of 60.96, a price-to-earnings-growth ratio of 3.76 and a beta of 1.23. Intuit has a fifty-two week low of $444.19 and a fifty-two week high of $676.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. The company had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter last year, the company posted $7.80 earnings per share. As a group, equities research analysts forecast that Intuit will post 11.72 EPS for the current fiscal year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s dividend payout ratio (DPR) is presently 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.