Intuit Inc. (NASDAQ:INTU) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems reduced its position in Intuit Inc. (NASDAQ:INTU) by 7.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,475 shares of the software maker’s stock after selling 1,623 shares during the quarter. Kentucky Retirement Systems’ holdings in Intuit were worth $12,094,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Kingsview Wealth Management LLC boosted its holdings in shares of Intuit by 6.5% in the first quarter. Kingsview Wealth Management LLC now owns 1,222 shares of the software maker’s stock valued at $795,000 after acquiring an additional 75 shares in the last quarter. Jupiter Asset Management Ltd. increased its position in Intuit by 19.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 29,270 shares of the software maker’s stock worth $19,026,000 after purchasing an additional 4,858 shares during the period. Nicolet Advisory Services LLC raised its stake in shares of Intuit by 20.4% during the 1st quarter. Nicolet Advisory Services LLC now owns 908 shares of the software maker’s stock worth $585,000 after buying an additional 154 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of Intuit by 134.7% in the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after buying an additional 2,641 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Intuit by 62.3% during the first quarter. Acadian Asset Management LLC now owns 16,327 shares of the software maker’s stock worth $10,606,000 after acquiring an additional 6,266 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on INTU. JPMorgan Chase & Co. boosted their target price on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. BMO Capital Markets upped their target price on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Barclays upped their price target on Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Bank of America raised their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and an average price target of $739.24.

Intuit Stock Performance

Shares of INTU stock opened at $687.87 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average of $633.08 and a two-hundred day moving average of $630.06. The company has a market cap of $192.80 billion, a P/E ratio of 65.82, a PEG ratio of 3.45 and a beta of 1.25. Intuit Inc. has a 52 week low of $552.68 and a 52 week high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.40 EPS. As a group, analysts anticipate that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were given a $1.04 dividend. The ex-dividend date was Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.60%. Intuit’s dividend payout ratio (DPR) is currently 39.81%.

Insider Buying and Selling at Intuit

In other news, Director Eve B. Burton sold 2,988 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the transaction, the chief financial officer now owns 452 shares of the company’s stock, valued at $279,010.56. This represents a 89.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 in the last ninety days. Company insiders own 2.90% of the company’s stock.

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.