Arcadia Investment Management Corp MI reduced its position in shares of Intuit Inc. (NASDAQ:INTU) by 5.9% during the second quarter, Holdings Channel reports. The fund owned 43,185 shares of the software maker’s stock after selling 2,710 shares during the period. Intuit makes up about 1.8% of Arcadia Investment Management Corp MI’s investment portfolio, making the stock its 18th largest position. Arcadia Investment Management Corp MI’s holdings in Intuit were worth $5,735,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Guardian Life Insurance Co. of America boosted its position in shares of Intuit by 0.5% in the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock valued at $109,000 after buying an additional 5 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new position in shares of Intuit during the second quarter valued at about $123,000. Johnson Financial Group Inc. boosted its position in shares of Intuit by 5.8% in the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock valued at $126,000 after buying an additional 59 shares in the last quarter. Miller Howard Investments Inc. NY bought a new position in shares of Intuit during the first quarter valued at about $205,000. Finally, Lincoln National Corp bought a new position in shares of Intuit during the first quarter valued at about $205,000. Hedge funds and other institutional investors own 85.18% of the company’s stock.
Intuit Inc. (NASDAQ INTU) opened at 136.50 on Tuesday. The stock has a 50 day moving average of $135.00 and a 200 day moving average of $128.02. Intuit Inc. has a 52 week low of $103.22 and a 52 week high of $143.81. The company has a market cap of $34.97 billion, a P/E ratio of 39.22 and a beta of 1.15.
Intuit (NASDAQ:INTU) last posted its earnings results on Tuesday, May 23rd. The software maker reported $3.90 EPS for the quarter, beating analysts’ consensus estimates of $3.87 by $0.03. The business had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intuit had a net margin of 17.82% and a return on equity of 80.88%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $3.43 EPS. On average, analysts expect that Intuit Inc. will post $4.39 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 18th. Stockholders of record on Monday, July 10th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date was Thursday, July 6th. Intuit’s payout ratio is currently 39.19%.
Several equities analysts recently issued reports on INTU shares. BidaskClub cut shares of Intuit from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Barclays PLC reiterated a “hold” rating and set a $130.00 price target on shares of Intuit in a research report on Friday, April 28th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $141.00 price target (up previously from $125.00) on shares of Intuit in a research report on Thursday, May 25th. Benchmark Co. started coverage on shares of Intuit in a research report on Thursday, April 27th. They set a “buy” rating and a $140.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Intuit from a “sell” rating to a “buy” rating and set a $155.00 price target on the stock in a research report on Monday, May 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. Intuit currently has a consensus rating of “Buy” and a consensus price target of $135.63.
In other news, Director Dennis D. Powell sold 16,686 shares of Intuit stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $136.82, for a total value of $2,282,978.52. Following the transaction, the director now owns 4,554 shares of the company’s stock, valued at approximately $623,078.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Laura A. Fennell sold 74,052 shares of Intuit stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $139.46, for a total transaction of $10,327,291.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 151,265 shares of company stock worth $21,085,104. Insiders own 5.70% of the company’s stock.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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