Public Sector Pension Investment Board Raises Stock Position in Intuit Inc. (NASDAQ:INTU)

Public Sector Pension Investment Board lifted its holdings in Intuit Inc. (NASDAQ:INTU) by 667.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 82,217 shares of the software maker’s stock after buying an additional 71,500 shares during the period. Public Sector Pension Investment Board’s holdings in Intuit were worth $51,057,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in INTU. Harvest Portfolios Group Inc. increased its stake in Intuit by 5.4% during the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after acquiring an additional 1,853 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Intuit by 33.7% during the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock worth $2,383,000 after purchasing an additional 968 shares during the last quarter. Retireful LLC bought a new stake in Intuit during the 3rd quarter valued at about $740,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Intuit during the third quarter valued at approximately $56,144,000. Finally, Cetera Advisors LLC lifted its holdings in shares of Intuit by 33.4% in the 1st quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after buying an additional 2,655 shares during the period. Institutional investors own 83.66% of the company’s stock.

Insider Activity at Intuit

In other news, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at $15,752,985.01. This trade represents a 30.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. This represents a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,265 shares of company stock worth $83,336,625. 2.90% of the stock is owned by corporate insiders.

Intuit Stock Performance

Shares of NASDAQ INTU opened at $636.17 on Thursday. The company has a 50 day simple moving average of $634.52 and a two-hundred day simple moving average of $631.32. The stock has a market cap of $178.15 billion, a price-to-earnings ratio of 61.76, a PEG ratio of 3.14 and a beta of 1.25. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.14 earnings per share. As a group, analysts predict that Intuit Inc. will post 14.05 earnings per share for the current year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.65%. The ex-dividend date is Thursday, January 9th. Intuit’s dividend payout ratio (DPR) is 40.39%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Scotiabank started coverage on shares of Intuit in a research report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target for the company. BMO Capital Markets increased their target price on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. lifted their price target on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a report on Friday, November 22nd. Finally, Stifel Nicolaus dropped their target price on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Intuit presently has an average rating of “Moderate Buy” and a consensus target price of $737.44.

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.