Intuit Inc. (NASDAQ:INTU) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its stake in Intuit Inc. (NASDAQ:INTU) by 6.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,124 shares of the software maker’s stock after selling 2,535 shares during the quarter. State of Alaska Department of Revenue’s holdings in Intuit were worth $24,780,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in INTU. DiNuzzo Private Wealth Inc. purchased a new stake in Intuit during the 4th quarter worth approximately $25,000. MCF Advisors LLC increased its holdings in shares of Intuit by 119.0% during the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after buying an additional 25 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Intuit in the fourth quarter valued at approximately $38,000. Sachetta LLC purchased a new position in Intuit in the fourth quarter worth approximately $39,000. Finally, Webster Bank N. A. acquired a new stake in Intuit during the fourth quarter worth $41,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, May 27th. KeyCorp increased their price target on shares of Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Stifel Nicolaus lowered their target price on Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, May 24th. UBS Group boosted their price objective on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research report on Monday, May 20th. Finally, Wells Fargo & Company raised their price target on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, May 21st. Five research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $687.22.

Intuit Stock Performance

NASDAQ:INTU traded up $3.68 during trading hours on Wednesday, reaching $659.90. 931,923 shares of the stock were exchanged, compared to its average volume of 1,343,425. The stock has a market capitalization of $184.48 billion, a P/E ratio of 60.96, a P/E/G ratio of 3.76 and a beta of 1.23. The firm has a 50 day simple moving average of $619.94 and a 200-day simple moving average of $628.97. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit Inc. has a 52 week low of $444.19 and a 52 week high of $676.62.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm’s revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the business earned $7.80 EPS. As a group, sell-side analysts forecast that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be issued a dividend of $0.90 per share. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 annualized dividend and a yield of 0.55%. Intuit’s payout ratio is 33.21%.

Insider Buying and Selling

In other news, CFO Sandeep Aujla sold 1,415 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the completion of the sale, the chief financial officer now owns 2,332 shares in the company, valued at approximately $1,409,880.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Intuit news, CFO Sandeep Aujla sold 1,415 shares of Intuit stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the transaction, the chief financial officer now owns 2,332 shares of the company’s stock, valued at approximately $1,409,880.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Scott D. Cook sold 27,309 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the sale, the insider now owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The disclosure for this sale can be found here. Insiders have sold a total of 193,937 shares of company stock valued at $113,123,232 over the last three months. Company insiders own 2.90% 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.