Intuit Inc. (NASDAQ:INTU) Stake Lowered by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,686 shares of the software maker’s stock after selling 361 shares during the period. Retirement Systems of Alabama’s holdings in Intuit were worth $38,141,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Sargent Investment Group LLC grew its holdings in shares of Intuit by 1.6% during the 4th quarter. Sargent Investment Group LLC now owns 1,757 shares of the software maker’s stock valued at $1,077,000 after acquiring an additional 28 shares in the last quarter. Ninety One SA PTY Ltd boosted its holdings in Intuit by 4.0% in the fourth quarter. Ninety One SA PTY Ltd now owns 4,062 shares of the software maker’s stock worth $2,553,000 after purchasing an additional 156 shares in the last quarter. RFG Holdings Inc. boosted its holdings in Intuit by 15.5% in the fourth quarter. RFG Holdings Inc. now owns 1,219 shares of the software maker’s stock worth $768,000 after purchasing an additional 164 shares in the last quarter. E. Ohman J or Asset Management AB boosted its holdings in Intuit by 2.0% in the fourth quarter. E. Ohman J or Asset Management AB now owns 74,254 shares of the software maker’s stock worth $46,669,000 after purchasing an additional 1,480 shares in the last quarter. Finally, Mather Group LLC. boosted its holdings in Intuit by 7.6% in the fourth quarter. Mather Group LLC. now owns 3,056 shares of the software maker’s stock worth $1,921,000 after purchasing an additional 216 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Price Performance

INTU opened at $588.26 on Thursday. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The company’s 50 day simple moving average is $629.33 and its 200-day simple moving average is $632.68. The stock has a market capitalization of $164.66 billion, a P/E ratio of 57.11, a price-to-earnings-growth ratio of 2.96 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating the consensus estimate of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the prior year, the firm earned $1.14 earnings per share. Intuit’s revenue was up 10.2% compared to the same quarter last year. Sell-side analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were issued a $1.04 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $4.16 annualized dividend and a yield of 0.71%. Intuit’s dividend payout ratio is currently 40.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on INTU shares. Barclays decreased their price objective on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Piper Sandler reiterated an “overweight” rating and issued a $765.00 price objective on shares of Intuit in a report on Friday, January 10th. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. BNP Paribas lowered shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price for the company. in a research report on Wednesday, January 15th. Finally, Oppenheimer boosted their target price on shares of Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $726.53.

Insider Activity at Intuit

In related news, CEO Sasan K. Goodarzi sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $630.10, for a total value of $47,257,500.00. Following the transaction, the chief executive officer now directly owns 35,776 shares in the company, valued at $22,542,457.60. This represents a 67.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the sale, the chief accounting officer now owns 1,864 shares in the company, valued at approximately $1,154,337.92. This trade represents a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 293,014 shares of company stock worth $188,992,187 over the last ninety days. Company insiders own 2.68% of the company’s stock.

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.