Arcadia Investment Management Corp MI Has $11.68 Million Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Arcadia Investment Management Corp MI cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,767 shares of the software maker’s stock after selling 1,967 shares during the period. Intuit accounts for about 2.0% of Arcadia Investment Management Corp MI’s investment portfolio, making the stock its 16th biggest holding. Arcadia Investment Management Corp MI’s holdings in Intuit were worth $11,677,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Intech Investment Management LLC raised its stake in Intuit by 134.7% in the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after buying an additional 2,641 shares during the period. Parnassus Investments LLC raised its stake in Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after buying an additional 727,185 shares during the period. Public Employees Retirement System of Ohio raised its stake in Intuit by 1.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock valued at $112,381,000 after buying an additional 1,990 shares during the period. Wellington Management Group LLP raised its stake in Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after buying an additional 2,336,654 shares during the period. Finally, Cetera Advisors LLC raised its stake in Intuit by 33.4% in the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock valued at $6,895,000 after buying an additional 2,655 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other 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 directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 27,309 shares of the business’s 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 directly owns 6,524,412 shares in the company, valued at $3,870,020,221.92. The disclosure for this sale can be found here. Insiders have sold 116,308 shares of company stock valued at $67,651,926 in the last ninety days. 2.90% of the stock is owned by company insiders.

Intuit Price Performance

Shares of NASDAQ INTU traded up $0.52 during midday trading on Friday, reaching $622.00. 120,104 shares of the company were exchanged, compared to its average volume of 1,325,384. The stock’s 50-day moving average price is $639.26 and its 200-day moving average price is $632.71. The company has a quick ratio of 1.50, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a market cap of $173.88 billion, a P/E ratio of 57.33, a PEG ratio of 3.08 and a beta of 1.23. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62.

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

Intuit Increases Dividend

The firm also recently disclosed 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. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is currently 38.38%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Citigroup upped their price objective on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Royal Bank of Canada assumed coverage on Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price on the stock. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. 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 note on Tuesday, May 21st. Finally, Stifel Nicolaus increased their target price on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Five analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $716.35.

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.