Employees Retirement System of Texas Trims Position in Intuit Inc. (INTU)
Employees Retirement System of Texas cut its stake in Intuit Inc. (NASDAQ:INTU) by 6.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,700 shares of the software maker’s stock after selling 4,000 shares during the period. Employees Retirement System of Texas’ holdings in Intuit were worth $7,663,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Captrust Financial Advisors acquired a new position in Intuit in the second quarter valued at $108,000. Guardian Life Insurance Co. of America grew its holdings in shares of Intuit by 0.5% during the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock worth $109,000 after purchasing an additional 5 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new position in shares of Intuit during the second quarter worth about $123,000. Johnson Financial Group Inc. grew its holdings in shares of Intuit by 5.8% during the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock worth $126,000 after purchasing an additional 59 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Intuit during the second quarter worth about $140,000. 85.96% of the stock is owned by hedge funds and other institutional investors.
Intuit Inc. (INTU) traded up 0.06% during trading on Tuesday, reaching $141.82. The company’s stock had a trading volume of 155,598 shares. The firm has a 50 day moving average of $140.74 and a 200 day moving average of $132.77. Intuit Inc. has a 52 week low of $103.22 and a 52 week high of $146.72. The stock has a market capitalization of $36.16 billion, a price-to-earnings ratio of 38.12 and a beta of 1.15.
Intuit (NASDAQ:INTU) last posted its earnings results on Tuesday, August 22nd. The software maker reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. Intuit had a return on equity of 82.43% and a net margin of 18.76%. The company had revenue of $842.00 million for the quarter, compared to analysts’ expectations of $808.82 million. During the same period last year, the business posted $0.08 earnings per share. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. Analysts expect that Intuit Inc. will post $4.95 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Tuesday, October 10th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $1.56 annualized dividend and a dividend yield of 1.10%. This is a positive change from Intuit’s previous quarterly dividend of $0.34. Intuit’s dividend payout ratio is currently 36.56%.
WARNING: This piece of content was originally reported by Watch List News and is the sole property of of Watch List News. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of US and international copyright legislation. The correct version of this piece of content can be read at https://www.watchlistnews.com/employees-retirement-system-of-texas-trims-position-in-intuit-inc-intu/1605403.html.
In other Intuit news, EVP Henry Tayloe Stansbury sold 1,783 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $144.20, for a total transaction of $257,108.60. Following the completion of the transaction, the executive vice president now directly owns 2,675 shares of the company’s stock, valued at approximately $385,735. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Scott D. Cook sold 183,334 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $135.22, for a total transaction of $24,790,423.48. The disclosure for this sale can be found here. Insiders have sold 1,084,194 shares of company stock valued at $151,162,540 in the last 90 days. Insiders own 5.70% of the company’s stock.
A number of research firms have recently commented on INTU. Citigroup Inc. cut Intuit from a “buy” rating to a “neutral” rating and cut their target price for the stock from $148.00 to $141.00 in a research report on Monday, June 26th. Wells Fargo & Company raised Intuit from a “market perform” rating to an “outperform” rating and set a $163.00 target price for the company in a research report on Thursday, September 21st. Royal Bank Of Canada restated a “hold” rating and set a $141.00 price target on shares of Intuit in a research note on Thursday, August 24th. First Analysis upgraded Intuit from an “underweight” rating to an “equal weight” rating and set a $128.00 price target on the stock in a research note on Wednesday, August 23rd. Finally, Argus began coverage on Intuit in a research note on Wednesday, September 20th. They set a “buy” rating and a $165.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $142.74.
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.
Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU).
Receive News & Ratings for Intuit Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.