Illinois Municipal Retirement Fund Has $17.85 Million Stock Position in Intuit Inc. (NASDAQ:INTU)

Illinois Municipal Retirement Fund lessened its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,153 shares of the software maker’s stock after selling 111 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Intuit were worth $17,845,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INTU. Norges Bank bought a new position in shares of Intuit during the 4th quarter valued at about $2,101,848,000. Wellington Management Group LLP boosted its holdings in shares of Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after buying an additional 2,336,654 shares during the period. Lone Pine Capital LLC bought a new stake in shares of Intuit during the fourth quarter worth $467,852,000. Parnassus Investments LLC raised its holdings in shares of Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares during the period. Finally, Capital World Investors lifted its position in Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after acquiring an additional 416,099 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Performance

INTU stock traded down $6.36 during midday trading on Friday, reaching $615.12. 999,734 shares of the company were exchanged, compared to its average volume of 1,330,498. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. The firm has a market capitalization of $171.95 billion, a price-to-earnings ratio of 56.75, a price-to-earnings-growth ratio of 3.08 and a beta of 1.23. The business has a 50-day moving average price of $638.42 and a two-hundred day moving average price of $632.43. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.50.

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

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. Intuit’s dividend payout ratio is 38.38%.

Analyst Ratings Changes

Several analysts have issued reports on INTU shares. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research note on Friday, June 14th. KeyCorp boosted their target price on Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Barclays decreased their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Bank of America boosted their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Finally, Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Buying and Selling

In other 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 transaction 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the sale, the chief financial officer now owns 3,840 shares in the company, valued at $2,384,755.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 116,308 shares of company stock valued at $67,651,926. 2.90% of the stock is owned by company insiders.

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.