AMG National Trust Bank Lowers Stock Holdings in Intuit Inc. (NASDAQ:INTU)

AMG National Trust Bank cut its holdings in Intuit Inc. (NASDAQ:INTU) by 8.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,522 shares of the software maker’s stock after selling 147 shares during the quarter. AMG National Trust Bank’s holdings in Intuit were worth $1,000,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. DiNuzzo Private Wealth Inc. acquired a new position in Intuit during the fourth quarter worth $25,000. Cultivar Capital Inc. acquired a new position in shares of Intuit during the 2nd quarter worth about $26,000. West Branch Capital LLC lifted its stake in Intuit by 79.2% in the 1st quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after buying an additional 19 shares in the last quarter. Hobbs Group Advisors LLC acquired a new stake in Intuit in the 2nd quarter worth about $35,000. Finally, J.Safra Asset Management Corp purchased a new stake in Intuit during the 2nd quarter worth approximately $39,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Trading Down 6.8 %

Shares of NASDAQ:INTU traded down $45.44 during mid-day trading on Friday, reaching $619.85. 4,113,425 shares of the company were exchanged, compared to its average volume of 1,333,187. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50. The firm’s 50-day simple moving average is $639.27 and its 200 day simple moving average is $634.43. The firm has a market cap of $173.28 billion, a price-to-earnings ratio of 57.18, a P/E/G ratio of 3.14 and a beta of 1.23.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period last year, the business posted $0.40 earnings per share. Equities research analysts forecast that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is currently 33.21%.

Insider Activity

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the transaction, the insider now directly owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark P. Notarainni sold 465 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the sale, the executive vice president now owns 869 shares in the company, valued at approximately $525,380.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 195,963 shares of company stock valued at $114,442,445. 2.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

INTU has been the topic of several research reports. KeyCorp raised their target price on Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research report on Monday, May 20th. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research note on Friday. Jefferies Financial Group increased 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. Barclays dropped their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Royal Bank of Canada started coverage on shares of Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $703.27.

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.