Sompo Asset Management Co. Ltd. Sells 500 Shares of Intuit Inc. (NASDAQ:INTU)

Sompo Asset Management Co. Ltd. cut its stake in Intuit Inc. (NASDAQ:INTU) by 9.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,560 shares of the software maker’s stock after selling 500 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Intuit were worth $2,997,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. LGT Financial Advisors LLC acquired a new stake in shares of Intuit during the second quarter worth approximately $25,000. Cultivar Capital Inc. bought a new stake in Intuit during the 2nd quarter worth approximately $26,000. Fairway Wealth LLC acquired a new stake in Intuit during the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new stake in Intuit during the 2nd quarter valued at $35,000. Finally, J.Safra Asset Management Corp bought a new position in Intuit in the 2nd quarter valued at $39,000. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Down 1.4 %

Shares of NASDAQ:INTU opened at $644.99 on Friday. The company has a 50 day moving average price of $636.82 and a two-hundred day moving average price of $631.30. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The company has a market capitalization of $180.31 billion, a PE ratio of 59.50, a PEG ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62.

Intuit (NASDAQ:INTU) last released 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. The business 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 firm’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. Analysts forecast that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.64%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio is presently 38.38%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on INTU. Stifel Nicolaus increased their target price on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Royal Bank of Canada initiated coverage on shares of Intuit in a report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price objective on the stock. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. BMO Capital Markets increased their price target on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Finally, StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research report on Friday. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $720.37.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now 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 can be accessed through this hyperlink. In other news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the transaction, the executive vice president now owns 20 shares of the company’s stock, valued at $12,575.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,389 shares of company stock worth $14,231,188. Company insiders own 2.90% of the company’s stock.

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.