ICA Group Wealth Management LLC Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

ICA Group Wealth Management LLC lessened its holdings in Intuit Inc. (NASDAQ:INTU) by 71.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 232 shares of the software maker’s stock after selling 582 shares during the period. ICA Group Wealth Management LLC’s holdings in Intuit were worth $152,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. LGT Financial Advisors LLC purchased a new stake in Intuit in the 2nd quarter valued at approximately $25,000. Cultivar Capital Inc. acquired a new position in shares of Intuit in the second quarter worth $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Intuit in the second quarter valued at $35,000. Sachetta LLC acquired a new stake in shares of Intuit during the fourth quarter valued at $39,000. Finally, J.Safra Asset Management Corp purchased a new stake in Intuit during the 2nd quarter worth about $39,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on INTU shares. Royal Bank of Canada assumed coverage on shares of Intuit in a report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 target price on the stock. BMO Capital Markets lifted their target price on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. KeyCorp increased their price target on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Finally, Wells Fargo & Company increased their target price on Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Intuit Stock Up 1.4 %

Shares of NASDAQ INTU opened at $655.31 on Friday. The stock has a fifty day moving average price of $636.63 and a 200 day moving average price of $631.75. The company has a market cap of $183.68 billion, a P/E ratio of 60.45, a P/E/G ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company’s revenue was up 17.4% on a year-over-year basis. During the same period last year, the business posted $0.40 EPS. Research analysts anticipate that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.63%. Intuit’s dividend payout ratio is 33.21%.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The disclosure for this sale can be found here. In the last three months, insiders sold 16,940 shares of company stock valued at $10,721,252. Corporate insiders own 2.90% of the company’s stock.

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.