Maryland State Retirement & Pension System Sells 2,017 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• The Maryland State Retirement & Pension System has reduced its holdings in Intuit Inc. by 13.6%, selling 2,017 shares and now owns 12,769 shares, valued at approximately $7.84 million.
• Insider selling activity is notable, with EVP Alex G. Balazs selling 882 shares for around $689,398 and CAO Lauren D. Hotz selling 1,738 shares worth approximately $1.36 million in recent transactions.
• Intuit's most recent quarterly earnings showed a significant year-over-year revenue increase of 15.1%, reporting an EPS of $11.65, beating expectations and affirming analysts' positive ratings and target prices.

Maryland State Retirement & Pension System trimmed its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 13.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,769 shares of the software maker's stock after selling 2,017 shares during the period. Maryland State Retirement & Pension System's holdings in Intuit were worth $7,840,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other news, EVP Alex G. Balazs sold 882 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total value of $689,397.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lauren D. Hotz sold 1,738 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $784.09, for a total value of $1,362,748.42. Following the completion of the transaction, the chief accounting officer owned 455 shares of the company's stock, valued at $356,760.95. The trade was a 79.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock worth $209,725,054 over the last 90 days. 2.68% of the stock is currently owned by corporate insiders.

Intuit Price Performance

Shares of INTU opened at $779.47 on Thursday. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The stock has a market cap of $217.43 billion, a P/E ratio of 63.27, a price-to-earnings-growth ratio of 2.96 and a beta of 1.28. The stock's 50-day moving average price is $769.25 and its two-hundred day moving average price is $665.19.

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

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were given a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.5%. Intuit's dividend payout ratio is currently 33.77%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on INTU shares. CLSA started coverage on Intuit in a report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 target price on the stock. Susquehanna reissued a "positive" rating on shares of Intuit in a report on Friday, May 23rd. Citigroup reissued a "buy" rating and issued a $789.00 target price (up from $726.00) on shares of Intuit in a report on Friday, May 23rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $850.00 target price (up from $760.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their target price for the stock from $600.00 to $700.00 in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Intuit currently has an average rating of "Moderate Buy" and a consensus target price of $806.27.

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.

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