8 Most Profitable Large Cap Stocks To Invest In

6. Intuit Inc. (NASDAQ:INTU)

TTM Net Income: $2.96 Billion 

5-Year Net Income CAGR: 13.73%

Number of Hedge Fund Holders: 82

Intuit Inc. (NASDAQ:INTU) is an American multinational software company that specializes in financial technology solutions. The company offers popular products like TurboTax for tax preparation, QuickBooks for small business accounting, Credit Karma for personal finance management, and Mailchimp, which is an email marketing and automations platform. The company is also focusing on integrating advanced technologies, such as artificial intelligence, to enhance user experiences and streamline financial processes.

The company is utilizing its early investments in artificial intelligence to enhance its financial technology offerings. Intuit Inc. (NASDAQ:INTU) has made strong progress with Intuit Assist, a generative AI-powered assistant that aims to simplify financial tasks for millions of consumers and small businesses. The company is accelerating its investments to launch Intuit Assist at scale.

Intuit Inc. (NASDAQ:INTU) is committed to leveraging its extensive data and AI capabilities to provide seamless experiences across its platforms, including TurboTax and QuickBooks Live. In fiscal year 2024, TurboTax Live revenue increased by 17% and QuickBooks Live new customers more than tripled. The total online payment volume facilitated by Intuit Inc. (NASDAQ:INTU) grew by 20% year-over-year, and the company helped small businesses access $2.4 billion in financing through QuickBooks Capital.

The company is making investments to digitize the financial experience for users, from estimates and invoicing to seamless payments, as it aims to deliver best-in-class solutions.

According to Insider Monkey’s Q2 2024 database, 82 hedge funds held stakes in Intuit Inc. (NASDAQ:INTU), an increase from 77 hedge funds in Q1 2024. This growth in institutional investors’ interest reflects a rising confidence in the company’s potential and performance.

Intuit Inc. (NASDAQ:INTU) has achieved impressive growth over the last five years, with its revenue increasing at an average rate of 19.14% each year. Meanwhile, the company’s net income has also risen, growing at an average rate of 13.73% during the same period.