Intuit Inc. (NASDAQ:INTU) Shares Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its stake in Intuit Inc. (NASDAQ:INTU) by 71.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,717 shares of the software maker’s stock after acquiring an additional 4,483 shares during the quarter. Public Sector Pension Investment Board’s holdings in Intuit were worth $7,043,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of INTU. Fortitude Family Office LLC raised its position in Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after purchasing an additional 16 shares in the last quarter. WASHINGTON TRUST Co grew its stake in shares of Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after purchasing an additional 16 shares during the period. Gemmer Asset Management LLC raised its holdings in shares of Intuit by 3.7% in the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after buying an additional 16 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in shares of Intuit by 2.6% during the 1st quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock worth $429,000 after buying an additional 17 shares during the period. Finally, Stonebrook Private Inc. lifted its position in shares of Intuit by 4.5% during the 1st quarter. Stonebrook Private Inc. now owns 398 shares of the software maker’s stock worth $259,000 after buying an additional 17 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Intuit

In related news, EVP Laura A. Fennell sold 30,159 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the sale, the executive vice president now owns 52,038 shares in the company, valued at $33,427,129.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the transaction, the executive vice president now directly owns 52,038 shares in the company, valued at approximately $33,427,129.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. The disclosure for this sale can be found here. Insiders have sold 52,548 shares of company stock worth $33,604,124 in the last three months. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on INTU. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Jefferies Financial Group increased their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Barclays cut their price target 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. JPMorgan Chase & Co. upped their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and an average target price of $720.37.

Intuit Stock Performance

Shares of NASDAQ:INTU opened at $638.20 on Wednesday. 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 Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The stock has a market capitalization of $178.41 billion, a P/E ratio of 58.87, a P/E/G ratio of 3.14 and a beta of 1.24. The business has a 50-day moving average price of $635.93 and a two-hundred day moving average price of $630.96.

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. 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 period in the previous year, the firm posted $0.40 earnings per share. Intuit’s revenue for the quarter was up 17.4% compared to the same quarter last year. Equities analysts predict that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.65%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is 38.38%.

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.