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

ICA Group Wealth Management LLC reduced its position in Intuit Inc. (NASDAQ:INTU) by 11.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 504 shares of the software maker’s stock after selling 65 shares during the period. ICA Group Wealth Management LLC’s holdings in Intuit were worth $315,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Intuit during the fourth quarter valued at $2,101,848,000. Wellington Management Group LLP lifted its stake in Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Lone Pine Capital LLC purchased a new stake in shares of Intuit during the 4th quarter valued at about $467,852,000. Parnassus Investments LLC grew its stake in shares of Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of Intuit by 60,534.9% during the fourth quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock valued at $295,609,000 after purchasing an additional 472,172 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Stock Up 1.1 %

INTU opened at $602.52 on Tuesday. Intuit Inc. has a 52 week low of $442.74 and a 52 week high of $676.62. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm has a 50-day simple moving average of $616.68 and a two-hundred day simple moving average of $625.12. The company has a market capitalization of $168.43 billion, a PE ratio of 55.58, a price-to-earnings-growth ratio of 3.41 and a beta of 1.21.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. The company had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm’s revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the company earned $7.80 earnings per share. Analysts forecast that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders 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 annualized dividend and a yield of 0.60%. Intuit’s dividend payout ratio (DPR) is currently 33.21%.

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 27,309 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total value of $16,198,606.44. Following the completion of the transaction, the insider now owns 6,524,412 shares of the company’s stock, valued at approximately $3,870,020,221.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Intuit news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the transaction, the insider now owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Scott D. Cook sold 27,309 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the completion of the sale, the insider now owns 6,524,412 shares of the company’s stock, valued at approximately $3,870,020,221.92. The disclosure for this sale can be found here. Insiders have sold a total of 194,217 shares of company stock worth $113,301,418 in the last three months. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Susquehanna dropped their target price on shares of Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a report on Friday, May 24th. KeyCorp lifted their price objective on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Stifel Nicolaus lowered their target price on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a report on Friday, May 24th. JPMorgan Chase & Co. boosted their price target on Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. Finally, StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Five equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and an average price target of $679.41.

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.