Avantax Advisory Services Inc. Boosts Stock Position in Cintas Corporation (NASDAQ:CTAS)

Key Points

• Avantax Advisory Services Inc. increased its stake in Cintas Corporation by 9.8% in Q1, acquiring an additional 2,188 shares for a total of 24,612 shares valued at $5,058,000.
• Several institutions, including Brighton Jones LLC and Bank Pictet & Cie Europe AG, have also raised their positions in Cintas, with over 63% of the stock currently owned by institutional investors.
• Cintas reported earnings per share of $1.09 for the latest quarter, surpassing estimates, and its stock has a consensus target price of $224.54 with ratings ranging from neutral to buy from multiple brokerages.

Avantax Advisory Services Inc. increased its position in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 24,612 shares of the business services provider's stock after buying an additional 2,188 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Cintas were worth $5,058,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. raised its position in Cintas by 239.3% in the fourth quarter. Meeder Asset Management Inc. now owns 190 shares of the business services provider's stock valued at $35,000 after purchasing an additional 134 shares during the period. E Fund Management Hong Kong Co. Ltd. raised its position in Cintas by 646.4% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider's stock valued at $43,000 after purchasing an additional 181 shares during the period. Washington Trust Advisors Inc. purchased a new stake in Cintas in the first quarter valued at approximately $46,000. Olde Wealth Management LLC purchased a new stake in shares of Cintas in the 1st quarter valued at $55,000. Finally, Physician Wealth Advisors Inc. purchased a new stake in shares of Cintas in the 4th quarter valued at $59,000. Hedge funds and other institutional investors own 63.46% of the company's stock.

Cintas Stock Performance

NASDAQ:CTAS traded up $1.60 during mid-day trading on Thursday, reaching $224.73. 256,276 shares of the stock were exchanged, compared to its average volume of 1,702,819. The company has a 50 day simple moving average of $221.43 and a 200-day simple moving average of $209.94. The stock has a market capitalization of $90.56 billion, a P/E ratio of 51.04, a P/E/G ratio of 3.50 and a beta of 1.05. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52. Cintas Corporation has a 1 year low of $180.78 and a 1 year high of $229.24.

Cintas (NASDAQ:CTAS - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.02. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The company had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same period last year, the firm posted $3.99 EPS. Cintas's revenue for the quarter was up 8.0% on a year-over-year basis. Analysts anticipate that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 0.80%. This is a positive change from Cintas's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, August 15th. Cintas's dividend payout ratio (DPR) is 35.37%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Cintas in a research note on Monday, July 14th. They set an "overweight" rating and a $239.00 price target on the stock. Argus raised shares of Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. Bank of America started coverage on shares of Cintas in a research note on Thursday, April 10th. They set a "buy" rating and a $250.00 target price on the stock. Redburn Atlantic downgraded shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 target price on the stock. in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group upped their price objective on Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cintas has a consensus rating of "Hold" and an average price target of $224.54.

Insider Activity

In other news, CEO Todd M. Schneider sold 17,301 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the sale, the chief executive officer owned 622,712 shares of the company's stock, valued at $137,557,080.80. The trade was a 2.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Martin Mucci acquired 1,200 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was acquired at an average price of $222.55 per share, for a total transaction of $267,060.00. Following the completion of the transaction, the director directly owned 2,621 shares in the company, valued at approximately $583,303.55. This represents a 84.45% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.00% of the stock is owned by insiders.

Cintas Company Profile

Cintas Corporation engages in the provision of corporate identity uniforms and related business services primarily in the United States, Canada, and Latin America. It operates through Uniform Rental and Facility Services, First Aid and Safety Services, and All Other segments. The company rents and services uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items; and provides restroom cleaning services and supplies, as well as sells uniforms.