Intuit Inc. (NASDAQ:INTU) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in Intuit Inc. (NASDAQ:INTU) by 8.3% during the third quarter, Holdings Channel.com reports. 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 reporting period.

A number of other large investors have also recently bought and sold shares of INTU. LGT Financial Advisors LLC acquired a new stake in shares of Intuit during the second quarter worth $25,000. Cultivar Capital Inc. purchased a new position in Intuit during the second quarter worth about $26,000. Fairway Wealth LLC acquired a new stake in Intuit in the 2nd quarter worth about $26,000. Northwest Investment Counselors LLC purchased a new stake in Intuit in the 3rd quarter valued at about $27,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Intuit during the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Price Performance

NASDAQ:INTU opened at $687.87 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $633.08 and its 200 day moving average price is $630.06. Intuit Inc. has a 52-week low of $552.68 and a 52-week high of $714.78. The firm 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.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 EPS. As a group, sell-side analysts predict that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were paid a dividend of $1.04 per share. 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 annualized dividend and a dividend yield of 0.60%. Intuit’s dividend payout ratio (DPR) is currently 39.81%.

Insider Activity

In other news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction 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 approximately $2,384,755.20. This represents a 18.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kerry J. Mclean sold 11,079 shares of Intuit stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the sale, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The trade was a 30.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 over the last three months. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on INTU shares. Barclays boosted their price target on Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a research report on Friday. Piper Sandler restated an “overweight” rating and set a $768.00 target price on shares of Intuit in a research note on Friday, September 27th. Stifel Nicolaus boosted their price target on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Finally, JPMorgan Chase & Co. increased their target price on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $739.24.

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.