New York State Common Retirement Fund Cuts Position in Intuit Inc. (NASDAQ:INTU)

New York State Common Retirement Fund cut its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 0.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 340,291 shares of the software maker's stock after selling 1,735 shares during the quarter. New York State Common Retirement Fund owned approximately 0.12% of Intuit worth $208,935,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new position in Intuit in the fourth quarter valued at approximately $2,290,419,000. GAMMA Investing LLC boosted its holdings in Intuit by 69,701.9% in the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock valued at $17,348,790,000 after purchasing an additional 2,821,534 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Intuit by 33.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock valued at $1,930,765,000 after purchasing an additional 771,232 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock valued at $3,329,115,000 after purchasing an additional 620,559 shares in the last quarter. Finally, Unisphere Establishment boosted its holdings in Intuit by 50.0% in the fourth quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker's stock valued at $942,750,000 after purchasing an additional 500,000 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Price Performance

NASDAQ:INTU traded up $7.57 during trading hours on Monday, hitting $755.47. The company's stock had a trading volume of 219,254 shares, compared to its average volume of 1,797,259. The business's 50-day moving average is $733.03 and its two-hundred day moving average is $646.71. The company has a market capitalization of $210.73 billion, a PE ratio of 61.34, a PEG ratio of 3.33 and a beta of 1.27. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $790.60.

Intuit (NASDAQ:INTU - Get Free Report) last announced 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. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same quarter last year, the business posted $9.88 earnings per share. The business's revenue for the quarter was up 15.1% on a year-over-year basis. As a group, research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

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

Insider Buying and Selling at Intuit

In related news, EVP Mark P. Notarainni sold 1,147 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total transaction of $887,663.30. Following the sale, the executive vice president owned 19 shares of the company's stock, valued at $14,704.10. This trade represents a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alex G. Balazs sold 882 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $781.63, for a total value of $689,397.66. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Oppenheimer reaffirmed an "outperform" rating and issued a $742.00 price target (up from $642.00) on shares of Intuit in a report on Friday, May 23rd. Evercore ISI increased their price objective on Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a report on Friday, May 23rd. CLSA started coverage on Intuit in a report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 price objective for the company. Bank of America increased their price objective on Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, The Goldman Sachs Group increased their price objective on Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a report on Monday, May 19th. One investment 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 given a strong buy rating to the stock. According to MarketBeat, Intuit presently has a consensus rating of "Moderate Buy" and an average target price of $800.55.

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.