New Mexico Educational Retirement Board Grows Stake in Intuit Inc. (NASDAQ:INTU)

New Mexico Educational Retirement Board lifted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 13.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,478 shares of the software maker’s stock after purchasing an additional 1,900 shares during the period. New Mexico Educational Retirement Board’s holdings in Intuit were worth $10,711,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. DiNuzzo Private Wealth Inc. purchased a new stake in Intuit during the 4th quarter valued at about $25,000. MCF Advisors LLC grew its stake in Intuit by 119.0% during the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after acquiring an additional 25 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in Intuit during the 4th quarter valued at about $38,000. Sachetta LLC purchased a new stake in Intuit during the 4th quarter valued at about $39,000. Finally, Webster Bank N. A. purchased a new stake in Intuit during the 4th quarter valued at about $41,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. KeyCorp increased their price target on shares of Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Wells Fargo & Company increased their price target on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, May 21st. Susquehanna dropped their price target on shares of Intuit from $775.00 to $757.00 and set a “positive” rating for the company in a research note on Friday, May 24th. Morgan Stanley increased their price target on shares of Intuit from $680.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Finally, Bank of America dropped their price target on shares of Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research note on Friday, May 24th. Five investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $683.91.

Insider Activity at Intuit

In related news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the sale, the executive vice president now owns 869 shares in the company, valued at $525,380.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 1,415 shares of Intuit stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total transaction of $855,480.70. Following the completion of the transaction, the chief financial officer now owns 2,332 shares in the company, valued at $1,409,880.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the sale, the executive vice president now owns 869 shares of the company’s stock, valued at $525,380.02. The disclosure for this sale can be found here. Insiders sold 193,937 shares of company stock worth $113,123,232 over the last 90 days. Company insiders own 2.90% of the company’s stock.

Intuit Stock Up 0.9 %

Shares of NASDAQ:INTU traded up $5.77 during trading hours on Friday, reaching $657.21. The stock had a trading volume of 1,753,982 shares, compared to its average volume of 1,628,761. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The firm’s 50 day moving average is $618.61 and its 200-day moving average is $628.16. The stock has a market capitalization of $183.72 billion, a price-to-earnings ratio of 60.63, a P/E/G ratio of 3.76 and a beta of 1.21. Intuit Inc. has a 1 year low of $444.19 and a 1 year high of $676.62.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company’s revenue was up 11.9% on a year-over-year basis. During the same period last year, the firm posted $7.80 EPS. Research analysts predict that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Wednesday, July 10th. Intuit’s dividend payout ratio (DPR) is 33.21%.

Intuit Company 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.