Amica Mutual Insurance Co. Sells 2,294 Shares of Intuit Inc. (NASDAQ:INTU)

Amica Mutual Insurance Co. cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 13.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,222 shares of the software maker’s stock after selling 2,294 shares during the period. Intuit accounts for approximately 1.0% of Amica Mutual Insurance Co.’s holdings, making the stock its 23rd biggest holding. Amica Mutual Insurance Co.’s holdings in Intuit were worth $10,004,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Intuit by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after buying an additional 283,291 shares during the period. Wellington Management Group LLP grew its position in shares of Intuit by 173.0% in 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 purchasing an additional 2,336,654 shares during the period. Brown Advisory Inc. increased its stake in Intuit by 2.3% during the 4th quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock worth $2,217,681,000 after purchasing an additional 80,517 shares in the last quarter. Norges Bank acquired a new stake in Intuit during the 4th quarter worth approximately $2,101,848,000. Finally, Fisher Asset Management LLC lifted its stake in Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock valued at $1,946,954,000 after buying an additional 270,432 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. increased their target price on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Jefferies Financial Group raised their target price on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday. Finally, Citigroup boosted their price target on shares of Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $716.35.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the transaction, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at $2,170,682.91. The disclosure for this sale can be found here. Insiders sold a total of 195,963 shares of company stock valued at $114,442,445 over the last quarter. 2.90% of the stock is owned by corporate insiders.

Intuit Stock Performance

Shares of INTU stock traded down $2.73 on Monday, hitting $617.12. The company’s stock had a trading volume of 1,934,739 shares, compared to its average volume of 1,337,065. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The company has a market capitalization of $172.51 billion, a PE ratio of 56.93, a PEG ratio of 3.14 and a beta of 1.23. The stock’s 50 day moving average is $639.27 and its 200-day moving average is $634.37. 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 (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The business’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 EPS. Equities research analysts expect that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 33.21%.

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.