Kentucky Retirement Systems Has $13.87 Million Stake in Intuit Inc. (NASDAQ:INTU)

Kentucky Retirement Systems reduced its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,098 shares of the software maker’s stock after selling 161 shares during the period. Kentucky Retirement Systems’ holdings in Intuit were worth $13,866,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. LGT Financial Advisors LLC bought a new stake in Intuit in the second quarter worth approximately $25,000. Cultivar Capital Inc. acquired a new stake in shares of Intuit during the 2nd quarter worth approximately $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit during the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Intuit in the 2nd quarter valued at $35,000. Finally, Sachetta LLC acquired a new position in shares of Intuit during the 4th quarter valued at $39,000. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price target on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Saturday, August 31st. Royal Bank of Canada began coverage on Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a report on Friday, June 14th. Finally, Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $720.37.

Intuit Stock Performance

Shares of INTU opened at $633.07 on Thursday. The stock has a 50 day moving average of $636.26 and a 200 day moving average of $631.30. The company has a market capitalization of $176.97 billion, a price-to-earnings ratio of 58.40, a PEG ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was up 17.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be paid a $1.04 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.66%. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Insider Activity at Intuit

In related news, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the transaction, the executive vice president now directly owns 20 shares in the company, valued at approximately $12,575.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the transaction, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the sale, the executive vice president now owns 24,941 shares in the company, valued at $15,752,985.01. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,940 shares of company stock worth $10,721,252. 2.90% of the stock is owned by corporate insiders.

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.