California Public Employees Retirement System Raises Position in Intuit Inc. (NASDAQ:INTU)

California Public Employees Retirement System lifted its stake in Intuit Inc. (NASDAQ:INTU) by 13.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 587,744 shares of the software maker’s stock after buying an additional 69,430 shares during the period. California Public Employees Retirement System owned approximately 0.21% of Intuit worth $367,358,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Global Retirement Partners LLC lifted its stake in shares of Intuit by 7.3% in the third quarter. Global Retirement Partners LLC now owns 1,337 shares of the software maker’s stock worth $692,000 after acquiring an additional 91 shares in the last quarter. RFG Advisory LLC lifted its stake in shares of Intuit by 10.3% in the third quarter. RFG Advisory LLC now owns 1,845 shares of the software maker’s stock worth $943,000 after acquiring an additional 173 shares in the last quarter. Douglas Lane & Associates LLC lifted its stake in shares of Intuit by 7.0% in the third quarter. Douglas Lane & Associates LLC now owns 767 shares of the software maker’s stock worth $392,000 after acquiring an additional 50 shares in the last quarter. Traynor Capital Management Inc. lifted its stake in shares of Intuit by 15.1% in the third quarter. Traynor Capital Management Inc. now owns 975 shares of the software maker’s stock worth $498,000 after acquiring an additional 128 shares in the last quarter. Finally, Five Oceans Advisors acquired a new position in shares of Intuit in the third quarter worth about $211,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. BMO Capital Markets restated an “outperform” rating and set a $700.00 price objective on shares of Intuit in a research note on Tuesday, March 26th. KeyCorp upped their price objective on Intuit from $700.00 to $720.00 and gave the company an “overweight” rating in a research note on Wednesday, March 27th. Wells Fargo & Company upped their price objective on Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 21st. JPMorgan Chase & Co. upped their price objective on Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. Finally, Stifel Nicolaus upped their price objective on Intuit from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $645.00.

Intuit Stock Performance

INTU stock traded up $4.60 on Monday, reaching $609.77. The company’s stock had a trading volume of 1,056,202 shares, compared to its average volume of 1,246,259. Intuit Inc. has a 52 week low of $400.22 and a 52 week high of $671.01. The company has a market capitalization of $170.74 billion, a P/E ratio of 62.22, a price-to-earnings-growth ratio of 3.68 and a beta of 1.21. The firm has a fifty day moving average of $642.93 and a two-hundred day moving average of $600.28. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.17 and a quick ratio of 1.17.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.05 EPS. As a group, analysts predict that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th were paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date was Tuesday, April 9th. Intuit’s payout ratio is currently 36.73%.

Insider Buying and Selling at Intuit

In other Intuit news, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $655.13, for a total transaction of $488,071.85. Following the completion of the transaction, the chief accounting officer now directly owns 3,180 shares of the company’s stock, valued at approximately $2,083,313.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Lauren D. Hotz sold 745 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $655.13, for a total value of $488,071.85. Following the sale, the chief accounting officer now directly owns 3,180 shares of the company’s stock, valued at $2,083,313.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,717 shares of company stock valued at $3,117,156. 2.90% of the stock is owned by corporate insiders.

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.