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

Intuit Inc. (NASDAQ:INTU) saw a large drop in short interest in the month of 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. Currently, 1.3% of the shares of the stock are sold short. Based on an average trading volume of 1,430,000 shares, the short-interest ratio is presently 2.4 days.

Intuit Stock Up 0.4 %

INTU stock traded up $2.76 during mid-day trading on Wednesday, reaching $658.98. The company had a trading volume of 524,034 shares, compared to its average volume of 1,340,214. The company has a market capitalization of $184.22 billion, a price-to-earnings ratio of 60.96, a PEG ratio of 3.76 and a beta of 1.23. Intuit has a 52 week low of $444.19 and a 52 week high of $676.62. The stock has a 50 day simple moving average of $619.94 and a two-hundred day simple moving average of $628.97. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, beating the consensus estimate of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.65 billion. During the same period last year, the business earned $7.80 earnings per share. The firm’s revenue was up 11.9% on a year-over-year basis. As a group, equities analysts predict that Intuit will post 11.72 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $3.60 annualized dividend and a yield of 0.55%. Intuit’s dividend payout ratio (DPR) is currently 33.21%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on INTU shares. Bank of America cut their price objective on Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Royal Bank of Canada initiated coverage on shares of Intuit in a research report on Wednesday. They set an “outperform” rating and a $760.00 price target on the stock. Susquehanna lowered their price objective on shares of Intuit from $775.00 to $757.00 and set a “positive” rating for the company in a research report on Friday, May 24th. Wells Fargo & Company upped their target price on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. Finally, Piper Sandler raised their price target on shares of Intuit from $750.00 to $760.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $687.22.

Insider Transactions at Intuit

In other news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the sale, the insider now directly owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Intuit news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the sale, the insider now directly owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 27,309 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total value of $16,198,606.44. Following the transaction, the insider now owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The disclosure for this sale can be found here. In the last three months, insiders sold 193,937 shares of company stock valued at $113,123,232. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

A number of hedge funds and other institutional investors have recently bought and sold shares of INTU. Parnassus Investments LLC grew its stake in Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after buying an additional 727,185 shares during the last quarter. Maryland State Retirement & Pension System grew its position in shares of Intuit by 1.1% in the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock valued at $13,293,000 after purchasing an additional 226 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Intuit by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after purchasing an additional 1,990 shares during the period. Glenmede Trust Co. NA lifted its holdings in Intuit by 12.7% during the 3rd quarter. Glenmede Trust Co. NA now owns 18,397 shares of the software maker’s stock worth $9,400,000 after purchasing an additional 2,074 shares during the last quarter. Finally, Hixon Zuercher LLC bought a new stake in Intuit in the 4th quarter valued at $1,292,000. Institutional investors own 83.66% of the company’s stock.

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.