Kentucky Retirement Systems Sells 1,623 Shares of Intuit Inc. (NASDAQ:INTU)

Kentucky Retirement Systems lowered its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 7.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,475 shares of the software maker's stock after selling 1,623 shares during the period. Kentucky Retirement Systems' holdings in Intuit were worth $12,094,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. LGT Financial Advisors LLC bought a new position in Intuit in the 2nd quarter valued at approximately $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit during the second quarter valued at $26,000. Fairway Wealth LLC acquired a new position in shares of Intuit during the second quarter worth $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Intuit in the third quarter worth $27,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Intuit in the second quarter valued at $35,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Intuit Stock Down 1.8 %

Shares of NASDAQ INTU traded down $12.89 during midday trading on Friday, hitting $687.87. 1,799,379 shares of the stock traded hands, compared to its average volume of 1,335,732. 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 one year low of $552.68 and a one year high of $714.78. The business has a 50 day moving average price of $633.08 and a two-hundred day moving average price of $630.06. The company has a market cap of $192.80 billion, a PE ratio of 65.82, a P/E/G ratio of 3.45 and a beta of 1.25.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating 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%. Intuit's quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.40 EPS. On average, equities analysts predict that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were given a $1.04 dividend. 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 yield of 0.60%. The ex-dividend date of this dividend was Thursday, October 10th. Intuit's dividend payout ratio is presently 39.81%.

Insiders Place Their Bets

In related news, CFO Sandeep Aujla sold 4,000 shares of the business's stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total value of $2,469,120.00. Following the transaction, the chief financial officer now directly owns 452 shares of the company's stock, valued at approximately $279,010.56. The trade was a 89.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Scott D. Cook sold 2,461 shares of the firm's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares of the company's stock, valued at $4,111,853,974.95. This trade represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock valued at $35,220,046 in the last three months. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on INTU. Barclays lifted their target price on Intuit from $740.00 to $800.00 and gave the stock an "overweight" rating in a report on Friday. Stifel Nicolaus lifted their price objective on Intuit from $690.00 to $795.00 and gave the stock a "buy" rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. increased their target price on shares of Intuit from $585.00 to $600.00 and gave the company a "neutral" rating in a research report on Friday, August 23rd. Piper Sandler restated an "overweight" rating and issued a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. Finally, BMO Capital Markets increased their price objective 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. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $739.24.

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.