PNC Financial Services Group Inc. Sells 2,259 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• PNC Financial Services Group Inc. sold 2,259 shares of Cintas Corporation, reducing its position by 0.2% to a total of 1,189,591 shares, valued at $244.5 million.
• Cintas announced a quarterly dividend increase from $0.39 to $0.45 per share, with a dividend yield of 0.8% and a payout ratio of 40.82%.
• Analysts have mixed ratings on Cintas, with UBS raising its target price to $255 and Redburn Atlantic downgrading it to a "sell" rating with a $171 target price.

PNC Financial Services Group Inc. trimmed its holdings in Cintas Corporation (NASDAQ:CTAS - Free Report) by 0.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,189,591 shares of the business services provider's stock after selling 2,259 shares during the quarter. PNC Financial Services Group Inc. owned about 0.29% of Cintas worth $244,497,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CTAS. E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Cintas by 646.4% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider's stock worth $43,000 after acquiring an additional 181 shares during the period. Washington Trust Advisors Inc. acquired a new stake in shares of Cintas in the 1st quarter valued at approximately $46,000. Wellington Shields & Co. LLC purchased a new stake in shares of Cintas in the first quarter valued at approximately $51,000. Olde Wealth Management LLC acquired a new position in Cintas during the first quarter worth $55,000. Finally, Carolinas Wealth Consulting LLC lifted its holdings 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 acquiring an additional 308 shares during the period. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CTAS. Royal Bank Of Canada reiterated a "sector perform" rating and set a $240.00 price target (up from $215.00) on shares of Cintas in a research report on Monday, June 9th. Robert W. Baird lifted their price objective on Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Morgan Stanley boosted their price target on Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Bank of America began coverage on Cintas in a research report on Thursday, April 10th. They set a "buy" rating and a $250.00 price objective for the company. Finally, Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cintas currently has a consensus rating of "Hold" and an average price target of $224.54.

Cintas Price Performance

Shares of NASDAQ CTAS traded up $3.59 during mid-day trading on Monday, hitting $225.09. 1,431,663 shares of the stock traded hands, compared to its average volume of 1,440,095. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.09 and a quick ratio of 1.82. The company has a market cap of $90.71 billion, a PE ratio of 51.04, a price-to-earnings-growth ratio of 3.82 and a beta of 1.03. Cintas Corporation has a twelve month low of $180.78 and a twelve month high of $229.24. The firm has a 50 day simple moving average of $221.43 and a two-hundred day simple moving average of $210.55.

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

Cintas Increases Dividend

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

Insider Activity

In other Cintas news, CEO Todd M. Schneider sold 17,301 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 622,712 shares in the company, valued at approximately $137,557,080.80. This trade represents a 2.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald W. Tysoe sold 5,084 shares of the 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 completion of the sale, the director owned 21,945 shares of the company's stock, valued at approximately $4,904,049.15. This represents a 18.81% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.00% of the company's stock.

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.