Public Employees Retirement Association of Colorado Decreases Position in Intuit Inc. (NASDAQ:INTU)

Public Employees Retirement Association of Colorado cut its position in Intuit Inc. (NASDAQ:INTU) by 2.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 38,966 shares of the software maker’s stock after selling 1,073 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Intuit were worth $25,609,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Benjamin F. Edwards & Company Inc. raised its holdings in Intuit by 2.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 49,681 shares of the software maker’s stock worth $32,651,000 after buying an additional 1,047 shares during the last quarter. Ieq Capital LLC raised its holdings in shares of Intuit by 3.1% during the second quarter. Ieq Capital LLC now owns 19,565 shares of the software maker’s stock valued at $12,858,000 after purchasing an additional 596 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of Intuit by 9.3% during the second quarter. Intech Investment Management LLC now owns 5,030 shares of the software maker’s stock valued at $3,306,000 after purchasing an additional 429 shares during the last quarter. Carolinas Wealth Consulting LLC raised its holdings in shares of Intuit by 7.3% during the second quarter. Carolinas Wealth Consulting LLC now owns 456 shares of the software maker’s stock valued at $299,000 after purchasing an additional 31 shares during the last quarter. Finally, CCLA Investment Management raised its holdings in shares of Intuit by 1.0% during the second quarter. CCLA Investment Management now owns 181,754 shares of the software maker’s stock valued at $118,442,000 after purchasing an additional 1,845 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on INTU shares. JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Saturday, August 31st. Susquehanna reissued a “positive” rating and set a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Barclays decreased their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Finally, Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Intuit Stock Performance

INTU opened at $654.24 on Friday. The firm has a market cap of $182.89 billion, a P/E ratio of 60.35, a PEG ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The company has a 50 day simple moving average of $636.76 and a two-hundred day simple moving average of $631.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29.

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

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is 38.38%.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at approximately $664,020. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,389 shares of company stock valued at $14,231,188. 2.90% of the stock is currently 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.