Concurrent Investment Advisors LLC Boosts Stock Position in Cintas Corporation (NASDAQ:CTAS)

Concurrent Investment Advisors LLC grew its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 22.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,197 shares of the business services provider's stock after acquiring an additional 2,429 shares during the period. Concurrent Investment Advisors LLC's holdings in Cintas were worth $2,712,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CTAS. Brighton Jones LLC lifted its position in shares of Cintas by 9.3% during the fourth quarter. Brighton Jones LLC now owns 1,268 shares of the business services provider's stock worth $232,000 after acquiring an additional 108 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Cintas by 0.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 514,336 shares of the business services provider's stock worth $93,969,000 after acquiring an additional 3,504 shares in the last quarter. Assetmark Inc. lifted its position in shares of Cintas by 21.6% during the fourth quarter. Assetmark Inc. now owns 8,928 shares of the business services provider's stock worth $1,631,000 after acquiring an additional 1,585 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Cintas in the fourth quarter worth $295,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Cintas in the fourth quarter worth $96,282,000. Hedge funds and other institutional investors own 63.46% of the company's stock.

Insider Activity

In other news, Director Ronald W. Tysoe sold 8,521 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 27,029 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 15.00% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CTAS shares. Morgan Stanley increased their price objective on Cintas from $195.00 to $213.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 27th. Robert W. Baird increased their price objective on Cintas from $200.00 to $227.00 and gave the stock a "neutral" rating in a research report on Thursday, March 27th. Redburn Atlantic downgraded Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective on the stock. in a research report on Thursday, May 1st. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $240.00 price objective (up previously from $215.00) on shares of Cintas in a research report on Monday, June 9th. Finally, Truist Financial increased their price objective on Cintas from $215.00 to $230.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cintas currently has an average rating of "Hold" and an average price target of $219.58.

Cintas Stock Up 1.5%

CTAS opened at $218.83 on Monday. The stock has a market cap of $88.36 billion, a PE ratio of 50.68, a P/E/G ratio of 3.42 and a beta of 1.05. The company has a quick ratio of 1.50, a current ratio of 1.72 and a debt-to-equity ratio of 0.44. Cintas Corporation has a 52 week low of $176.60 and a 52 week high of $229.24. The business's fifty day simple moving average is $220.01 and its 200 day simple moving average is $206.16.

Cintas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 15th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.71%. Cintas's dividend payout ratio (DPR) is currently 36.11%.

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.

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