Retirement Systems of Alabama Sells 536 Shares of Intuit Inc. (NASDAQ:INTU)

Retirement Systems of Alabama lowered its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,150 shares of the software maker's stock after selling 536 shares during the quarter. Retirement Systems of Alabama's holdings in Intuit were worth $36,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Copia Wealth Management bought a new stake in Intuit in the fourth quarter valued at approximately $25,000. NewSquare Capital LLC lifted its position in Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock valued at $27,000 after purchasing an additional 18 shares during the last quarter. Summit Securities Group LLC bought a new stake in Intuit in the fourth quarter valued at approximately $28,000. Heck Capital Advisors LLC bought a new stake in Intuit in the fourth quarter valued at approximately $28,000. Finally, VSM Wealth Advisory LLC bought a new stake in Intuit in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Alex G. Balazs sold 1,459 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $770.80, for a total value of $1,124,597.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction dated 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 represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 279,321 shares of company stock valued at $207,988,705. 2.68% of the stock is owned by company insiders.

Intuit Stock Performance

Shares of NASDAQ INTU traded up $6.31 during trading on Friday, reaching $761.14. 2,631,919 shares of the company traded hands, compared to its average volume of 1,610,069. The firm has a 50 day simple moving average of $682.89 and a 200-day simple moving average of $634.43. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $773.45. The stock 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. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data 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 net margin of 19.07% and a return on equity of 21.46%. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the prior year, the firm earned $9.88 earnings per share. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. Equities research analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

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

Analyst Ratings Changes

Several analysts have weighed in on the company. Citigroup reiterated a "buy" rating and issued a $789.00 price objective (up previously from $726.00) on shares of Intuit in a research report on Friday, May 23rd. Wells Fargo & Company set a $880.00 target price on Intuit and gave the company an "overweight" rating in a report on Friday, June 13th. Jefferies Financial Group set a $850.00 target price on Intuit and gave the company a "buy" rating in a report on Friday, May 23rd. BMO Capital Markets restated an "outperform" rating and set a $820.00 target price (up previously from $714.00) on shares of Intuit in a report on Friday, May 23rd. Finally, JPMorgan Chase & Co. upped their target price on Intuit from $660.00 to $770.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. One 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $787.95.

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.