Kentucky Retirement Systems Insurance Trust Fund Trims Stock Position in Intuit Inc. (NASDAQ:INTU)

Kentucky Retirement Systems Insurance Trust Fund cut its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 8.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,277 shares of the software maker's stock after selling 753 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in Intuit were worth $5,140,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in INTU. Legal & General Group Plc grew its position in Intuit by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker's stock worth $1,538,236,000 after purchasing an additional 23,995 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Intuit by 17.3% during the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker's stock worth $1,062,578,000 after buying an additional 238,486 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Intuit by 4.2% during the second quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker's stock valued at $925,262,000 after buying an additional 56,370 shares during the last quarter. Capital World Investors increased its position in shares of Intuit by 1.0% in the 1st quarter. Capital World Investors now owns 1,188,779 shares of the software maker's stock valued at $772,706,000 after acquiring an additional 12,068 shares during the period. Finally, Unisphere Establishment raised its stake in Intuit by 4.2% in the 2nd quarter. Unisphere Establishment now owns 1,000,000 shares of the software maker's stock worth $657,210,000 after acquiring an additional 40,000 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on INTU shares. StockNews.com upgraded Intuit from a "hold" rating to a "buy" rating in a research note on Monday, September 30th. Piper Sandler reiterated an "overweight" rating and issued a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. 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 research report on Friday, August 23rd. Barclays lifted their price objective on shares of Intuit from $740.00 to $800.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Morgan Stanley lowered shares of Intuit from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $739.24.

Intuit Price Performance

Shares of NASDAQ:INTU traded down $12.89 during midday trading on Friday, reaching $687.87. 1,799,379 shares of the company's stock traded hands, compared to its average volume of 1,335,732. 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. The company has a fifty day simple moving average of $633.08 and a two-hundred day simple moving average of $630.06. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit Inc. has a 1 year low of $552.68 and a 1 year high of $714.78.

Intuit (NASDAQ:INTU - Get Free Report) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion for 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 for the quarter was up 17.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.40 earnings per share. Equities analysts predict that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were paid a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This is a positive change from Intuit's previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.60%. Intuit's payout ratio is currently 39.81%.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 862 shares of the firm's stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares of the company's stock, valued at $2,384,755.20. This trade represents a 18.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. This represents a 99.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is owned by corporate insiders.

Intuit 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.