Retirement Systems of Alabama Has $37.91 Million Stock Position in Intuit Inc. (NASDAQ:INTU)

Retirement Systems of Alabama cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 1.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,047 shares of the software maker’s stock after selling 713 shares during the period. Retirement Systems of Alabama’s holdings in Intuit were worth $37,910,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. International Assets Investment Management LLC boosted its stake in Intuit by 68,404.7% in the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after buying an additional 483,621 shares in the last quarter. Holocene Advisors LP lifted its holdings in shares of Intuit by 99.6% in the third quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock worth $388,487,000 after acquiring an additional 312,212 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Intuit in the 2nd quarter valued at approximately $184,982,000. Ameriprise Financial Inc. grew its holdings in shares of Intuit by 17.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after purchasing an additional 238,486 shares during the last quarter. Finally, State Street Corp increased its position in Intuit by 1.8% during the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after purchasing an additional 221,885 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Down 2.4 %

Shares of Intuit stock opened at $656.45 on Friday. The stock’s 50-day moving average is $639.96 and its 200 day moving average is $631.62. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The firm has a market cap of $183.75 billion, a price-to-earnings ratio of 63.73, a PEG ratio of 3.31 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 EPS. Equities research analysts anticipate that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 annualized dividend and a dividend yield of 0.63%. Intuit’s dividend payout ratio is currently 40.39%.

Insider Transactions at Intuit

In other Intuit news, CFO Sandeep Aujla sold 775 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the sale, the chief financial officer now owns 4,451 shares in the company, valued at approximately $2,676,430.81. The trade was a 14.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the transaction, the insider now owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 150,542 shares of company stock valued at $97,235,054 in the last 90 days. 2.68% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Susquehanna restated a “positive” rating and issued a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Royal Bank of Canada reissued an “outperform” rating and set a $760.00 price objective on shares of Intuit in a report on Friday, November 22nd. Jefferies Financial Group boosted their price objective on Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Stifel Nicolaus dropped their target price on Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Finally, Morgan Stanley boosted their price target on Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and an average 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.