Intuit Inc. (INTU) Stake Increased by State Treasurer State of Michigan

State Treasurer State of Michigan boosted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 79,984 shares of the software maker’s stock after buying an additional 200 shares during the period. State Treasurer State of Michigan’s holdings in Intuit were worth $10,623,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Thrivent Financial for Lutherans boosted its stake in Intuit by 5.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 8,460 shares of the software maker’s stock valued at $970,000 after buying an additional 410 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Intuit during the fourth quarter valued at $2,726,000. HighPoint Advisor Group LLC bought a new stake in Intuit during the fourth quarter valued at $1,068,000. Kentucky Retirement Systems bought a new stake in Intuit during the fourth quarter valued at $2,028,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Intuit during the fourth quarter valued at $905,000. 85.57% of the stock is owned by hedge funds and other institutional investors.

Intuit Inc. (NASDAQ INTU) opened at 136.65 on Tuesday. The company has a market cap of $35.01 billion, a price-to-earnings ratio of 39.27 and a beta of 1.15. Intuit Inc. has a 52 week low of $103.22 and a 52 week high of $143.81. The firm has a 50-day moving average of $135.86 and a 200-day moving average of $126.82.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Tuesday, May 23rd. The software maker reported $3.90 EPS for the quarter, topping the consensus estimate of $3.87 by $0.03. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.50 billion. Intuit had a net margin of 17.82% and a return on equity of 80.88%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $3.43 EPS. Equities analysts forecast that Intuit Inc. will post $4.39 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 18th. Stockholders of record on Monday, July 10th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.00%. The ex-dividend date was Thursday, July 6th. Intuit’s dividend payout ratio (DPR) is 39.19%.

Several equities research analysts have weighed in on the stock. Citigroup Inc. cut shares of Intuit from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $148.00 to $141.00 in a research report on Monday, June 26th. Zacks Investment Research upgraded shares of Intuit from a “sell” rating to a “buy” rating and set a $155.00 price objective for the company in a research report on Monday, May 29th. Barclays PLC restated an “equal weight” rating on shares of Intuit in a research report on Sunday, May 28th. CIBC lifted their price target on shares of Intuit from $125.00 to $141.00 and gave the stock an “outperform” rating in a research report on Friday, May 26th. Finally, Stifel Nicolaus lifted their price target on shares of Intuit from $115.00 to $132.00 and gave the stock a “hold” rating in a research report on Wednesday, May 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $135.63.

In related news, EVP Henry Tayloe Stansbury sold 1,871 shares of Intuit stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $135.29, for a total value of $253,127.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis D. Powell sold 16,686 shares of Intuit stock in a transaction 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 completion of the sale, the director now directly owns 4,554 shares of the company’s stock, valued at approximately $623,078.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 151,265 shares of company stock valued at $21,085,104. Insiders own 5.70% of the company’s stock.

About Intuit

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.