The Manufacturers Life Insurance Company Cuts Stake in Intuit Inc. (NASDAQ:INTU)

The Manufacturers Life Insurance Company cut its holdings in Intuit Inc. (NASDAQ:INTU) by 1.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 264,855 shares of the software maker’s stock after selling 3,546 shares during the period. The Manufacturers Life Insurance Company owned 0.09% of Intuit worth $174,057,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. MBB Public Markets I LLC lifted its holdings in shares of Intuit by 1,975.7% in the second quarter. MBB Public Markets I LLC now owns 19,906 shares of the software maker’s stock worth $13,082,000 after buying an additional 18,947 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new stake in Intuit in the 2nd quarter worth $1,444,000. Decatur Capital Management Inc. boosted its holdings in shares of Intuit by 2.8% during the 2nd quarter. Decatur Capital Management Inc. now owns 5,051 shares of the software maker’s stock valued at $3,320,000 after purchasing an additional 136 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after purchasing an additional 238,486 shares during the last quarter. Finally, APG Asset Management N.V. lifted its position in shares of Intuit by 4.0% in the second quarter. APG Asset Management N.V. now owns 216,186 shares of the software maker’s stock worth $132,568,000 after buying an additional 8,262 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the company’s 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 transaction, the chief financial officer now owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Sandeep Aujla sold 1,061 shares of the 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 owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares in the company, valued at approximately $664,020. The disclosure for this sale can be found here. Insiders sold 52,548 shares of company stock valued at $33,604,124 in the last three months. 2.90% of the stock is owned by insiders.

Intuit Stock Down 2.8 %

NASDAQ:INTU opened at $619.03 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The company has a 50-day moving average of $635.44 and a 200 day moving average of $631.03. The firm has a market cap of $173.05 billion, a PE ratio of 57.11, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.40 EPS. As a group, research analysts anticipate that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.67%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is 38.38%.

Analyst Upgrades and Downgrades

INTU has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Barclays reduced their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Finally, Royal Bank of Canada began coverage on shares of Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target for the company. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average price target of $720.37.

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.