State of Alaska Department of Revenue Has $24.78 Million Position in Intuit Inc. (NASDAQ:INTU)

State of Alaska Department of Revenue lowered its position in shares of Intuit Inc. (NASDAQ:INTU) by 6.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 38,124 shares of the software maker’s stock after selling 2,535 shares during the quarter. State of Alaska Department of Revenue’s holdings in Intuit were worth $24,780,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Sivia Capital Partners LLC grew its position in shares of Intuit by 8.5% in the 1st quarter. Sivia Capital Partners LLC now owns 577 shares of the software maker’s stock valued at $375,000 after purchasing an additional 45 shares during the period. SeaCrest Wealth Management LLC raised its position in Intuit by 18.5% in the 1st quarter. SeaCrest Wealth Management LLC now owns 616 shares of the software maker’s stock valued at $400,000 after buying an additional 96 shares during the last quarter. Naviter Wealth LLC lifted its stake in Intuit by 20.1% in the 1st quarter. Naviter Wealth LLC now owns 2,506 shares of the software maker’s stock valued at $1,629,000 after acquiring an additional 419 shares in the last quarter. Capital Advisors Ltd. LLC boosted its position in Intuit by 2.6% during the 1st quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock worth $429,000 after acquiring an additional 17 shares during the last quarter. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH bought a new position in shares of Intuit during the 1st quarter worth approximately $229,000. 83.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Stifel Nicolaus reduced their price target on Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, May 24th. BMO Capital Markets restated an “outperform” rating and issued a $700.00 price objective on shares of Intuit in a research note on Tuesday, March 26th. Jefferies Financial Group reissued a “buy” rating and set a $770.00 target price on shares of Intuit in a report on Thursday, June 13th. Piper Sandler raised their target price on shares of Intuit from $750.00 to $760.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Finally, UBS Group upped their price target on shares of Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research note on Monday, May 20th. Five research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and a consensus target price of $687.22.

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total value of $44,838,750.00. Following the transaction, the insider now owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Scott D. Cook sold 14,748 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $567.40, for a total value of $8,368,015.20. Following the sale, the insider now directly owns 6,701,721 shares of the company’s stock, valued at $3,802,556,495.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 193,937 shares of company stock valued at $113,123,232. Insiders own 2.90% of the company’s stock.

Intuit Stock Performance

INTU stock traded up $3.68 during midday trading on Wednesday, reaching $659.90. 931,923 shares of the company’s stock traded hands, compared to its average volume of 1,343,425. The company has a 50-day moving average price of $619.94 and a two-hundred day moving average price of $628.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. Intuit Inc. has a 52 week low of $444.19 and a 52 week high of $676.62. The firm has a market capitalization of $184.48 billion, a PE ratio of 60.96, a price-to-earnings-growth ratio of 3.76 and a beta of 1.23.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $7.80 EPS. As a group, equities analysts anticipate that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be given a dividend of $0.90 per share. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.55%. Intuit’s dividend payout ratio (DPR) is currently 33.21%.

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.