Teachers Retirement System of The State of Kentucky Increases Position in Intuit Inc. (NASDAQ:INTU)

Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 2.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,184 shares of the software maker's stock after acquiring an additional 991 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Intuit were worth $21,603,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Copia Wealth Management acquired a new position in shares of Intuit during the 4th quarter worth $25,000. Summit Securities Group LLC acquired a new position in shares of Intuit in the fourth quarter valued at approximately $28,000. Heck Capital Advisors LLC purchased a new position in shares of Intuit during the 4th quarter worth about $28,000. Olde Wealth Management LLC purchased a new position in shares of Intuit during the 1st quarter worth about $37,000. Finally, Atlantic Edge Private Wealth Management LLC raised its holdings in Intuit by 523.1% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock valued at $50,000 after buying an additional 68 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. BMO Capital Markets set a $870.00 price target on shares of Intuit and gave the company an "outperform" rating in a report on Thursday, July 10th. Royal Bank Of Canada reissued an "outperform" rating and set a $850.00 price target (up previously from $760.00) on shares of Intuit in a report on Friday, May 23rd. Bank of America boosted their price target on shares of Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, Piper Sandler reissued an "overweight" rating and set a $825.00 price target (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $800.55.

Insiders Place Their Bets

In related news, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $752.25, for a total transaction of $19,293,708.00. Following the completion of the sale, the executive vice president directly owned 22,796 shares of the company's stock, valued at approximately $17,148,291. This trade represents a 52.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kerry J. Mclean sold 16,700 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the sale, the executive vice president directly owned 23,101 shares of the company's stock, valued at $16,844,325.16. This represents a 41.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is currently owned by corporate insiders.

Intuit Price Performance

Intuit stock traded up $3.09 during mid-day trading on Tuesday, hitting $766.78. 1,027,295 shares of the company were exchanged, compared to its average volume of 1,623,495. The business has a fifty day moving average of $743.99 and a 200 day moving average of $650.97. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $213.89 billion, a PE ratio of 62.24, a price-to-earnings-growth ratio of 3.34 and a beta of 1.27. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $790.60.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business's revenue was up 15.1% compared to the same quarter last year. During the same period last year, the company earned $9.88 earnings per share. As a group, sell-side analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were issued a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.54%. Intuit's payout ratio is currently 33.77%.

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.