New Mexico Educational Retirement Board Reduces Position in Intuit Inc. (INTU)
New Mexico Educational Retirement Board cut its position in shares of Intuit Inc. (NASDAQ:INTU) by 8.1% during the second quarter, Holdings Channel reports. The institutional investor owned 22,628 shares of the software maker’s stock after selling 2,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Intuit were worth $3,105,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of INTU. Creative Planning raised its stake in Intuit by 8.5% in the first quarter. Creative Planning now owns 14,261 shares of the software maker’s stock worth $1,654,000 after buying an additional 1,123 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Intuit by 2.2% in the first quarter. Gulf International Bank UK Ltd now owns 75,405 shares of the software maker’s stock worth $8,746,000 after buying an additional 1,600 shares in the last quarter. Addenda Capital Inc. boosted its position in shares of Intuit by 5.5% in the first quarter. Addenda Capital Inc. now owns 41,329 shares of the software maker’s stock worth $4,793,000 after buying an additional 2,169 shares in the last quarter. National Pension Service boosted its position in shares of Intuit by 2.6% in the first quarter. National Pension Service now owns 200,470 shares of the software maker’s stock worth $23,178,000 after buying an additional 5,096 shares in the last quarter. Finally, Cutler Group LP boosted its position in shares of Intuit by 104.4% in the first quarter. Cutler Group LP now owns 3,286 shares of the software maker’s stock worth $381,000 after buying an additional 1,678 shares in the last quarter. 85.57% of the stock is owned by institutional investors and hedge funds.
Intuit Inc. (INTU) opened at 136.18 on Wednesday. The company has a 50-day moving average of $135.59 and a 200 day moving average of $127.04. The company has a market cap of $34.89 billion, a P/E ratio of 39.13 and a beta of 1.15. Intuit Inc. has a 52 week low of $103.22 and a 52 week high of $143.81.
Intuit (NASDAQ:INTU) last announced its earnings results on Tuesday, May 23rd. The software maker reported $3.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.87 by $0.03. Intuit had a net margin of 17.82% and a return on equity of 80.88%. The business had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the business posted $3.43 earnings per share. Intuit’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities analysts forecast that Intuit Inc. will post $4.39 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 18th. Shareholders of record on Monday, July 10th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $1.36 annualized dividend and a yield of 1.00%. Intuit’s payout ratio is presently 39.19%.
INTU has been the topic of several research reports. BidaskClub cut shares of Intuit from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Barclays PLC reissued a “hold” rating and set a $130.00 price target on shares of Intuit in a research report on Friday, April 28th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $141.00 price target (up from $125.00) on shares of Intuit in a research report on Thursday, May 25th. Benchmark Co. began coverage on shares of Intuit in a research report on Thursday, April 27th. They set a “buy” rating and a $140.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Intuit from a “sell” rating to a “buy” rating and set a $155.00 price objective on the stock in a research note on Monday, May 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $135.63.
In other Intuit news, EVP Henry Tayloe Stansbury sold 3,742 shares of Intuit stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $137.92, for a total transaction of $516,096.64. Following the completion of the sale, the executive vice president now directly owns 4,580 shares in the company, valued at $631,673.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dennis D. Powell sold 16,686 shares of Intuit stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $136.82, for a total transaction of $2,282,978.52. Following the sale, the director now owns 4,554 shares of the company’s stock, valued at $623,078.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 151,265 shares of company stock valued at $21,085,104. 5.70% of the stock is currently owned by company insiders.
Intuit Company Profile
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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