Banque Pictet & Cie SA Sells 45,180 Shares of Cintas Corporation (NASDAQ:CTAS)

Banque Pictet & Cie SA lowered its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 28.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 112,912 shares of the business services provider's stock after selling 45,180 shares during the period. Banque Pictet & Cie SA's holdings in Cintas were worth $23,207,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in Cintas by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 8,468,080 shares of the business services provider's stock worth $1,544,822,000 after purchasing an additional 219,809 shares during the period. Invesco Ltd. grew its stake in Cintas by 6.1% during the fourth quarter. Invesco Ltd. now owns 5,118,479 shares of the business services provider's stock worth $935,146,000 after purchasing an additional 296,059 shares during the period. Norges Bank bought a new position in Cintas in the fourth quarter worth approximately $877,216,000. Northern Trust Corp grew its stake in Cintas by 13.1% in the fourth quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock valued at $743,048,000 after acquiring an additional 472,069 shares during the period. Finally, Royal Bank of Canada grew its stake in Cintas by 3.3% in the fourth quarter. Royal Bank of Canada now owns 3,655,835 shares of the business services provider's stock valued at $667,919,000 after acquiring an additional 115,268 shares during the period. Institutional investors and hedge funds own 63.46% of the company's stock.

Analyst Upgrades and Downgrades

CTAS has been the subject of a number of research reports. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $196.00 to $221.00 in a research note on Tuesday, July 1st. Morgan Stanley raised their price objective on Cintas from $195.00 to $213.00 and gave the company an "equal weight" rating in a research note on Thursday, March 27th. Bank of America initiated coverage on Cintas in a research note on Thursday, April 10th. They issued a "buy" rating and a $250.00 price objective for the company. Robert W. Baird raised their price objective on Cintas from $200.00 to $227.00 and gave the company a "neutral" rating in a research note on Thursday, March 27th. Finally, Argus raised Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $219.58.

Insider Buying and Selling

In related news, Director Ronald W. Tysoe sold 8,521 shares of Cintas stock in a transaction on Monday, April 14th. The stock was sold at an average price of $208.96, for a total transaction of $1,780,548.16. Following the sale, the director directly owned 27,029 shares in the company, valued at approximately $5,647,979.84. This trade represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 15.00% of the company's stock.

Cintas Stock Down 0.5%

Shares of CTAS stock traded down $1.12 during trading hours on Friday, reaching $215.44. The company had a trading volume of 1,035,324 shares, compared to its average volume of 1,670,659. Cintas Corporation has a 12 month low of $178.42 and a 12 month high of $229.24. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.72 and a quick ratio of 1.50. The business has a fifty day simple moving average of $220.63 and a 200-day simple moving average of $207.03. The company has a market cap of $86.99 billion, a price-to-earnings ratio of 49.90, a price-to-earnings-growth ratio of 3.36 and a beta of 1.05.

Cintas 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.