Congress Asset Management Co. Has $38.15 Million Stock Position in Cintas Corporation $CTAS

Key Points

• Congress Asset Management cut its stake in Cintas by 73.8% in Q4 and now holds 202,855 shares worth $38.15 million (about 0.05% of the company).
• Cintas recently paid a quarterly dividend of $0.45 (annualized $1.80), implying a ~1.0% yield and a dividend payout ratio of 52.48%.
• Wall Street consensus is a Moderate Buy on CTAS with an average price target of $220.25, reflecting mixed analyst ratings and several recent upgrades.

Congress Asset Management Co. lessened its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 73.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 202,855 shares of the business services provider's stock after selling 571,241 shares during the quarter. Congress Asset Management Co. owned approximately 0.05% of Cintas worth $38,151,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Cintas by 1.5% during the third quarter. Vanguard Group Inc. now owns 38,948,620 shares of the business services provider's stock worth $7,994,594,000 after buying an additional 564,487 shares during the last quarter. State Street Corp lifted its stake in Cintas by 0.5% in the second quarter. State Street Corp now owns 15,118,190 shares of the business services provider's stock valued at $3,369,391,000 after acquiring an additional 82,029 shares during the last quarter. Invesco Ltd. lifted its stake in Cintas by 11.2% in the second quarter. Invesco Ltd. now owns 4,911,366 shares of the business services provider's stock valued at $1,094,596,000 after acquiring an additional 495,486 shares during the last quarter. Norges Bank bought a new position in shares of Cintas in the 2nd quarter valued at about $925,531,000. Finally, Nordea Investment Management AB grew its position in shares of Cintas by 6.2% in the 4th quarter. Nordea Investment Management AB now owns 2,729,394 shares of the business services provider's stock valued at $517,466,000 after acquiring an additional 158,785 shares during the period. 63.46% of the stock is owned by institutional investors.

Cintas Price Performance

NASDAQ:CTAS opened at $178.13 on Wednesday. Cintas Corporation has a 52 week low of $177.53 and a 52 week high of $229.24. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.49 and a current ratio of 1.71. The firm's 50-day simple moving average is $194.42 and its 200 day simple moving average is $192.08. The firm has a market cap of $71.23 billion, a price-to-earnings ratio of 51.93, a P/E/G ratio of 3.27 and a beta of 0.95.

Cintas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were given a dividend of $0.45 per share. The ex-dividend date was Friday, February 13th. This represents a $1.80 annualized dividend and a dividend yield of 1.0%. Cintas's dividend payout ratio (DPR) is currently 52.48%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CTAS shares. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $206.00 target price on shares of Cintas in a report on Friday, December 19th. Bank of America started coverage on Cintas in a report on Tuesday, February 17th. They set a "neutral" rating and a $215.00 price target for the company. Wells Fargo & Company raised Cintas from a "cautious" rating to an "overweight" rating and boosted their price target for the stock from $205.00 to $245.00 in a research report on Wednesday, January 14th. Robert W. Baird upgraded Cintas from a "neutral" rating to an "outperform" rating and set a $250.00 price objective on the stock in a research note on Wednesday, March 11th. Finally, Citigroup reaffirmed a "sell" rating and issued a $181.00 price objective (up from $176.00) on shares of Cintas in a research report on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cintas has a consensus rating of "Moderate Buy" and an average price target of $220.25.

Cintas Profile

Cintas Corporation NASDAQ: CTAS is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.

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