HB Wealth Management LLC Acquires 1,492 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• HB Wealth Management LLC increased its stake in Cintas Corporation by 21.9% in Q1, now holding 8,292 shares valued at approximately $1.7 million.
• Cintas recently announced a quarterly dividend increase to $0.45 per share, up from the previous $0.39, representing a 0.81% dividend yield.
• The stock received several analyst upgrades, with Goldman Sachs raising its price target from $233 to $257, indicating strong investor confidence.

HB Wealth Management LLC raised its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 21.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,292 shares of the business services provider's stock after buying an additional 1,492 shares during the quarter. HB Wealth Management LLC's holdings in Cintas were worth $1,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. TD Asset Management Inc lifted its position in Cintas by 11.1% in the first quarter. TD Asset Management Inc now owns 804,190 shares of the business services provider's stock worth $165,285,000 after buying an additional 80,321 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in Cintas by 5.3% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 217,759 shares of the business services provider's stock worth $44,755,000 after buying an additional 11,048 shares during the last quarter. Phoenix Financial Ltd. bought a new stake in Cintas in the first quarter worth $280,000. Prescott Group Capital Management L.L.C. lifted its position in shares of Cintas by 7.2% during the first quarter. Prescott Group Capital Management L.L.C. now owns 20,794 shares of the business services provider's stock worth $4,274,000 after purchasing an additional 1,394 shares during the last quarter. Finally, Assetmark Inc. increased its stake in shares of Cintas by 2.1% during the first quarter. Assetmark Inc. now owns 9,115 shares of the business services provider's stock valued at $1,873,000 after buying an additional 187 shares during the period. 63.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Todd M. Schneider sold 17,301 shares of Cintas 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin Mucci purchased 1,200 shares of the stock in a transaction dated Monday, July 21st. The shares were purchased at an average price of $222.55 per share, for a total transaction of $267,060.00. Following the completion of the transaction, the director owned 2,621 shares in the company, valued at $583,303.55. This trade represents a 84.45% increase in their position. The disclosure for this purchase can be found here. 15.00% of the stock is currently owned by corporate insiders.

Cintas Trading Up 0.2%

Cintas stock traded up $0.45 during trading on Wednesday, hitting $223.13. The company's stock had a trading volume of 1,539,276 shares, compared to its average volume of 1,713,041. The stock has a market capitalization of $90.10 billion, a price-to-earnings ratio of 50.60, a P/E/G ratio of 3.46 and a beta of 1.05. The stock's fifty day moving average is $221.39 and its 200 day moving average is $209.85. Cintas Corporation has a 1-year low of $180.78 and a 1-year high of $229.24. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.82 and a current ratio of 2.09.

Cintas (NASDAQ:CTAS - Get Free Report) last posted its earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same quarter last year, the firm earned $3.99 earnings per share. The company's revenue for the quarter was up 8.0% compared to the same quarter last year. As a group, equities research analysts predict that Cintas Corporation will post 4.31 EPS for the current year.

Cintas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.81%. This is a boost from Cintas's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. Cintas's dividend payout ratio is presently 35.37%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group increased their target price on Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Robert W. Baird increased their price objective on Cintas from $227.00 to $230.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. 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 objective for the company. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $196.00 to $221.00 in a research note on Tuesday, July 1st. Finally, Royal Bank Of Canada reissued a "sector perform" rating and issued a $240.00 price objective (up from $215.00) on shares of Cintas in a research note on Monday, June 9th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $224.54.

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.