Kentucky Retirement Systems Insurance Trust Fund Sells 2,144 Shares of Intuit Inc. (NASDAQ:INTU)

Kentucky Retirement Systems Insurance Trust Fund cut its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,943 shares of the software maker's stock after selling 2,144 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Intuit were worth $4,877,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of INTU. Brighton Jones LLC raised its holdings in shares of Intuit by 61.3% in the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock valued at $2,233,000 after purchasing an additional 1,350 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of Intuit in the fourth quarter valued at about $104,278,000. Revolve Wealth Partners LLC raised its holdings in shares of Intuit by 145.6% in the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after purchasing an additional 482 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of Intuit by 14.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock valued at $1,252,000 after purchasing an additional 248 shares during the last quarter. Finally, Global Retirement Partners LLC raised its holdings in shares of Intuit by 2.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,848 shares of the software maker's stock valued at $1,161,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Insider Activity

In other news, insider Scott D. Cook sold 72,442 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the transaction, the insider now directly owns 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. This trade represents a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alex G. Balazs sold 1,459 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $770.80, for a total transaction of $1,124,597.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 279,321 shares of company stock worth $207,988,705. 2.68% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on INTU shares. HSBC upgraded shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price for the company in a report on Wednesday, April 23rd. Piper Sandler reiterated an "overweight" rating and issued a $825.00 target price (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. BMO Capital Markets reiterated an "outperform" rating and issued a $820.00 target price (up previously from $714.00) on shares of Intuit in a report on Friday, May 23rd. The Goldman Sachs Group raised their price objective on shares of Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, Morgan Stanley restated an "overweight" rating and set a $785.00 price objective (up previously from $720.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $787.95.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $761.14 on Friday. 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 firm has a market capitalization of $212.32 billion, a PE ratio of 61.78, a P/E/G ratio of 3.39 and a beta of 1.28. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $773.45. The company has a 50-day moving average price of $682.89 and a two-hundred day moving average price of $634.43.

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

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.55%. Intuit's dividend payout ratio (DPR) is currently 33.77%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.