Intuit Inc. (NASDAQ:INTU) Holdings Cut by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board reduced its stake in Intuit Inc. by 25.7% in the first quarter, selling 14,991 shares and owning 43,428 shares worth approximately $26.66 million.
• Several institutional investors increased their holdings in Intuit, with Brighton Jones LLC raising its stake by 61.3% and Revolve Wealth Partners LLC increasing theirs by 145.6% during the fourth quarter.
• Intuit recently declared a quarterly dividend of $1.04 per share, representing an annualized payout of $4.16 and a yield of 0.6%.

Public Sector Pension Investment Board cut its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 25.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,428 shares of the software maker's stock after selling 14,991 shares during the quarter. Public Sector Pension Investment Board's holdings in Intuit were worth $26,664,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Copia Wealth Management purchased a new stake in Intuit in the fourth quarter valued at approximately $25,000. Heck Capital Advisors LLC purchased a new stake in Intuit in the fourth quarter valued at approximately $28,000. Olde Wealth Management LLC purchased a new stake in Intuit in the first quarter valued at approximately $37,000. Atlantic Edge Private Wealth Management LLC grew 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 purchasing an additional 68 shares during the period. Finally, Hughes Financial Services LLC purchased a new stake in Intuit in the first quarter valued at approximately $50,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INTU has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Intuit from $660.00 to $770.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. BMO Capital Markets boosted their target price on shares of Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Barclays restated an "overweight" rating and issued a $815.00 target price (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. Scotiabank upgraded shares of Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their price objective for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. Finally, Stifel Nicolaus boosted their price objective on shares of Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have issued 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, the company has a consensus rating of "Moderate Buy" and an average price target of $806.27.

Intuit Stock Down 0.2%

Intuit stock traded down $1.77 during midday trading on Wednesday, hitting $711.71. 1,602,299 shares of the stock were exchanged, compared to its average volume of 1,592,884. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The firm has a market cap of $198.53 billion, a P/E ratio of 57.77, a P/E/G ratio of 2.75 and a beta of 1.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The company has a 50 day moving average price of $765.97 and a two-hundred day moving average price of $669.47.

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

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Insider Activity at Intuit

In other Intuit news, EVP Marianna Tessel sold 34,329 shares of the firm's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the completion of the transaction, the executive vice president directly owned 40,767 shares of the company's stock, valued at $31,017,164.28. This trade represents a 45.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the transaction, the insider directly owned 6,063,495 shares of the company's stock, valued at approximately $4,494,808,208.55. This represents a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 over the last 90 days. Company insiders own 2.68% of the company's stock.

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.