California Public Employees Retirement System Boosts Stock Holdings in Intuit Inc. (NASDAQ:INTU)

California Public Employees Retirement System increased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 10.4% in the 4th quarter, HoldingsChannel reports. The firm 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’s holdings in Intuit were worth $474,666,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Intuit by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after buying an additional 353,185 shares during the period. State Street Corp raised its holdings in shares of Intuit by 1.8% in the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after purchasing an additional 221,885 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Intuit by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock worth $3,701,762,000 after purchasing an additional 80,463 shares during the last quarter. Norges Bank acquired a new position in shares of Intuit during the fourth quarter worth $2,290,419,000. Finally, Bank of New York Mellon Corp increased its holdings in Intuit by 3.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker’s stock valued at $1,499,744,000 after buying an additional 88,487 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In related news, CFO Sandeep Aujla sold 109 shares of Intuit stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total value of $68,506.50. Following the sale, the chief financial officer now directly owns 1,944 shares in the company, valued at $1,221,804. The trade was a 5.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Cook sold 6,446 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $604.26, for a total value of $3,895,059.96. Following the completion of the transaction, the insider now owns 6,219,900 shares of the company’s stock, valued at $3,758,436,774. The trade was a 0.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,896 shares of company stock valued at $82,946,716. 2.68% of the stock is owned by corporate insiders.

Intuit Stock Down 2.7 %

Shares of Intuit stock opened at $598.92 on Friday. The company has a market cap of $167.44 billion, a P/E ratio of 58.15, a PEG ratio of 2.85 and a beta of 1.27. The firm has a fifty day moving average of $595.90 and a two-hundred day moving average of $622.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a one year low of $553.24 and a one year high of $714.78.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.69%. Intuit’s payout ratio is currently 38.81%.

Analysts Set New Price Targets

INTU has been the subject of several analyst reports. BMO Capital Markets lowered their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Piper Sandler reissued an “overweight” rating and set a $785.00 price objective (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. Redburn Atlantic started coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Finally, Morgan Stanley upgraded shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective for the company in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $721.61.

Intuit 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.