California Public Employees Retirement System Buys 71,068 Shares of Intuit Inc. (NASDAQ:INTU)

California Public Employees Retirement System grew its stake in Intuit Inc. (NASDAQ:INTU) by 10.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 755,236 shares of the software maker’s stock after purchasing an additional 71,068 shares during the period. California Public Employees Retirement System owned approximately 0.27% of Intuit worth $474,666,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of INTU. Brown Financial Advisors lifted its holdings in Intuit by 0.9% in the third quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock valued at $1,018,000 after acquiring an additional 15 shares during the period. True North Advisors LLC increased its holdings in shares of Intuit by 4.3% during the 4th quarter. True North Advisors LLC now owns 409 shares of the software maker’s stock valued at $257,000 after purchasing an additional 17 shares in the last quarter. Great Diamond Partners LLC boosted its holdings in Intuit by 2.8% during the fourth quarter. Great Diamond Partners LLC now owns 627 shares of the software maker’s stock worth $394,000 after buying an additional 17 shares in the last quarter. RB Capital Management LLC grew its position in Intuit by 0.6% during the third quarter. RB Capital Management LLC now owns 3,169 shares of the software maker’s stock valued at $1,968,000 after buying an additional 18 shares during the period. Finally, Pacifica Partners Inc. increased its holdings in Intuit by 27.7% in the fourth quarter. Pacifica Partners Inc. now owns 83 shares of the software maker’s stock valued at $52,000 after buying an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Transactions at Intuit

In other Intuit news, EVP Laura A. Fennell sold 8,163 shares of Intuit stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares in the company, valued at $13,401,849.72. This trade represents a 27.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sasan K. Goodarzi sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the completion of the transaction, the chief executive officer now owns 35,776 shares in the company, valued at approximately $22,542,457.60. This represents a 67.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,896 shares of company stock worth $82,946,716. 2.68% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on INTU shares. Piper Sandler restated an “overweight” rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. JPMorgan Chase & Co. raised Intuit from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $640.00 to $660.00 in a report on Wednesday, March 5th. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price for the company. in a research note on Wednesday, January 15th. Scotiabank cut their price target on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Finally, StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $721.61.

Intuit Stock Down 2.7 %

INTU stock opened at $598.92 on Friday. The firm has a market cap of $167.44 billion, a PE ratio of 58.15, a PEG ratio of 2.85 and a beta of 1.27. Intuit Inc. has a one year low of $553.24 and a one year high of $714.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The firm’s 50 day moving average price is $595.90 and its 200-day moving average price is $622.38.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.69%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

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.