Cintas Corporation (NASDAQ:CTAS) Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Cintas Corporation by 1.3%, now holding 37,859,304 shares valued at approximately $7.78 billion.
• Cintas announced an increase in its quarterly dividend from $0.39 to $0.45, which will be paid on September 15th to shareholders of record on August 15th.
• Recent earnings showed Cintas' revenue rose by 8.0% to $2.67 billion for the quarter, exceeding estimates, with an earnings per share (EPS) of $1.09.

Vanguard Group Inc. increased its position in Cintas Corporation (NASDAQ:CTAS - Free Report) by 1.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,859,304 shares of the business services provider's stock after buying an additional 491,307 shares during the quarter. Vanguard Group Inc. owned 9.38% of Cintas worth $7,781,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CTAS. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of 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 worth $43,000 after buying an additional 181 shares during the last quarter. Washington Trust Advisors Inc. purchased a new position in shares of Cintas in the first quarter worth about $46,000. Wellington Shields & Co. LLC purchased a new stake in Cintas in the 1st quarter valued at about $51,000. Olde Wealth Management LLC purchased a new stake in shares of Cintas during the first quarter worth $55,000. Finally, Carolinas Wealth Consulting LLC raised its stake in Cintas by 855.6% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 344 shares of the business services provider's stock valued at $63,000 after buying an additional 308 shares in the last quarter. 63.46% of the stock is owned by institutional investors.

Cintas Trading Up 1.3%

Shares of Cintas stock traded up $2.87 during trading hours on Friday, hitting $226.27. The company's stock had a trading volume of 1,739,749 shares, compared to its average volume of 1,453,720. Cintas Corporation has a 1-year low of $180.78 and a 1-year high of $229.24. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $91.18 billion, a PE ratio of 51.31, a P/E/G ratio of 3.85 and a beta of 1.03. The business has a fifty day moving average of $221.38 and a 200 day moving average of $211.26.

Cintas (NASDAQ:CTAS - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The business services provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.07 by $0.02. The business had revenue of $2.67 billion for the quarter, compared to analysts' expectations of $2.63 billion. Cintas had a net margin of 17.53% and a return on equity of 41.21%. Cintas's revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.99 earnings per share. As a group, equities analysts forecast that Cintas Corporation will post 4.31 EPS for the current year.

Cintas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. This is a boost from Cintas's previous quarterly dividend of $0.39. Cintas's payout ratio is presently 35.37%.

Insider Buying and Selling at Cintas

In other news, Director Ronald W. Tysoe sold 5,084 shares of Cintas stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $223.47, for a total transaction of $1,136,121.48. Following the sale, the director owned 21,945 shares of the company's stock, valued at approximately $4,904,049.15. The trade was a 18.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd M. Schneider sold 17,301 shares of Cintas stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $220.90, for a total value of $3,821,790.90. Following the transaction, the chief executive officer directly owned 622,712 shares in the company, valued at approximately $137,557,080.80. The trade was a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.00% of the company's stock.

Analyst Ratings Changes

CTAS has been the topic of a number of analyst reports. Bank of America began coverage on Cintas in a research note on Thursday, April 10th. They issued a "buy" rating and a $250.00 price target on the stock. The Goldman Sachs Group upped their price target on Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. UBS Group increased their target price on shares of Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Argus upgraded shares of Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Cintas in a research note on Monday, July 14th. They issued an "overweight" rating and a $239.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Cintas currently has an average rating of "Hold" and a consensus target price of $224.54.

About Cintas

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.