Louisiana State Employees Retirement System Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

Louisiana State Employees Retirement System lessened its stake in Intuit Inc. (NASDAQ:INTU) by 4.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 35,500 shares of the software maker’s stock after selling 1,500 shares during the quarter. Intuit comprises 0.4% of Louisiana State Employees Retirement System’s portfolio, making the stock its 27th largest holding. Louisiana State Employees Retirement System’s holdings in Intuit were worth $22,312,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in INTU. R Squared Ltd purchased a new stake in Intuit during the 4th quarter worth about $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Intuit during the 3rd quarter worth about $27,000. Heck Capital Advisors LLC purchased a new stake in Intuit during the fourth quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Intuit in the fourth quarter valued at approximately $28,000. Finally, Sugar Maple Asset Management LLC purchased a new position in Intuit in the fourth quarter valued at approximately $29,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Down 0.2 %

Shares of Intuit stock opened at $585.88 on Wednesday. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The company has a market cap of $164.00 billion, a P/E ratio of 56.88, a PEG ratio of 2.91 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a fifty day moving average of $625.25 and a two-hundred day moving average of $631.39.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the prior year, the company posted $1.14 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Thursday, January 9th were given a dividend of $1.04 per share. The ex-dividend date was Friday, January 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.71%. Intuit’s payout ratio is currently 40.39%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INTU. Piper Sandler restated an “overweight” rating and set a $765.00 price objective on shares of Intuit in a research report on Friday, January 10th. Jefferies Financial Group boosted their price target on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Scotiabank initiated coverage on Intuit in a report on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective on the stock. Oppenheimer boosted their target price on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. raised their price target on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and a consensus target price of $726.53.

Insider Transactions at Intuit

In related news, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the sale, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at approximately $1,154,337.92. The trade was a 36.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the transaction, the insider now owns 6,378,105 shares in the company, valued at $4,093,595,351.10. The trade was a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 293,014 shares of company stock valued at $188,992,187 in the last ninety days. 2.68% of the stock is currently owned by company 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.