State of Alaska Department of Revenue Boosts Stake in Intuit Inc. (NASDAQ:INTU)

State of Alaska Department of Revenue grew its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 32,803 shares of the software maker's stock after buying an additional 841 shares during the quarter. State of Alaska Department of Revenue's holdings in Intuit were worth $20,140,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. LifeWealth Investments LLC purchased a new position in Intuit in the 1st quarter worth $357,000. PUREfi Wealth LLC purchased a new position in Intuit in the 1st quarter worth $202,000. Kingswood Wealth Advisors LLC raised its position in Intuit by 9.7% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 701 shares of the software maker's stock worth $430,000 after purchasing an additional 62 shares during the period. MN Wealth Advisors LLC purchased a new position in Intuit in the 1st quarter worth $288,000. Finally, Wolf Group Capital Advisors purchased a new position in Intuit in the 1st quarter worth $225,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Analysts Set New Price Targets

INTU has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. UBS Group set a $750.00 price objective on shares of Intuit and gave the company a "neutral" rating in a research report on Friday, May 23rd. BMO Capital Markets restated an "outperform" rating and issued a $820.00 price objective (up previously from $714.00) on shares of Intuit in a research report on Friday, May 23rd. HSBC upgraded shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price objective on the stock in a research report on Wednesday, April 23rd. Finally, Evercore ISI boosted their price objective on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $787.95.

Insider Transactions at Intuit

In related news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the transaction, the director now owns 8 shares in the company, valued at $4,800. This represents a 99.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alex G. Balazs sold 1,459 shares of the 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 90 days, insiders have sold 288,408 shares of company stock worth $213,441,865. Corporate insiders own 2.68% of the company's stock.

Intuit Trading Down 0.4%

NASDAQ:INTU opened at $764.90 on Wednesday. Intuit Inc. has a one year low of $532.65 and a one year high of $773.45. 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's 50-day simple moving average is $672.69 and its 200 day simple moving average is $632.02. The firm has a market capitalization of $213.37 billion, a P/E ratio of 62.09, a PEG ratio of 3.42 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. The business had revenue of $7.75 billion for 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%. Intuit's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.88 earnings per share. As a group, analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.54%. Intuit's dividend payout ratio is presently 33.77%.

Intuit Company 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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