Mackenzie Financial Corp Buys 10,949 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• Mackenzie Financial Corp increased its stake in Cintas Corporation by 29.6%, acquiring an additional 10,949 shares and bringing its total holdings to 47,976 shares valued at approximately $9.86 million.
• In a recent quarterly earnings report, Cintas beat expectations with earnings per share of $1.09, surpassing estimates of $1.07, and reported an 8% increase in revenue year-over-year.
• Cintas has declared an increase in its quarterly dividend from $0.39 to $0.45 per share, representing an annualized dividend yield of 0.8%.

Mackenzie Financial Corp raised its position in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 29.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,976 shares of the business services provider's stock after acquiring an additional 10,949 shares during the period. Mackenzie Financial Corp's holdings in Cintas were worth $9,861,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. MJP Associates Inc. ADV raised its position in Cintas by 2.1% in the 4th quarter. MJP Associates Inc. ADV now owns 2,412 shares of the business services provider's stock worth $441,000 after purchasing an additional 50 shares during the last quarter. Kathmere Capital Management LLC raised its position in Cintas by 4.1% in the 1st quarter. Kathmere Capital Management LLC now owns 1,293 shares of the business services provider's stock worth $266,000 after purchasing an additional 51 shares during the last quarter. Pinnacle Associates Ltd. raised its position in Cintas by 4.1% in the 1st quarter. Pinnacle Associates Ltd. now owns 1,291 shares of the business services provider's stock worth $265,000 after purchasing an additional 51 shares during the last quarter. Wellspring Financial Advisors LLC raised its position in Cintas by 4.6% in the 4th quarter. Wellspring Financial Advisors LLC now owns 1,171 shares of the business services provider's stock worth $214,000 after purchasing an additional 52 shares during the last quarter. Finally, Johnson Financial Group Inc. grew its holdings in Cintas by 7.7% during the 4th quarter. Johnson Financial Group Inc. now owns 728 shares of the business services provider's stock worth $146,000 after acquiring an additional 52 shares during the period. Hedge funds and other institutional investors own 63.46% of the company's stock.

Insider Activity

In other news, Director Martin Mucci bought 1,200 shares of the company's stock in a transaction dated Monday, July 21st. The shares were bought at an average cost of $222.55 per share, with a total value of $267,060.00. Following the acquisition, the director owned 2,621 shares in the company, valued at $583,303.55. This trade represents a 84.45% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd M. Schneider sold 17,301 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the completion of the sale, 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. 15.00% of the stock is owned by insiders.

Analysts Set New Price Targets

CTAS has been the subject of a number of analyst reports. Bank of America initiated coverage on shares of Cintas in a report on Thursday, April 10th. They set a "buy" rating and a $250.00 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of Cintas in a report on Monday, July 14th. They issued an "overweight" rating and a $239.00 price target for the company. Royal Bank Of Canada reissued a "sector perform" rating and issued a $240.00 price target (up previously from $215.00) on shares of Cintas in a report on Monday, June 9th. Morgan Stanley boosted their price target on shares of Cintas from $213.00 to $220.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Finally, Argus raised shares of Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued 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, the stock currently has a consensus rating of "Hold" and an average target price of $224.54.

Cintas Stock Down 0.5%

NASDAQ:CTAS traded down $1.05 on Friday, hitting $221.50. 1,304,254 shares of the company's stock were exchanged, compared to its average volume of 1,374,874. The firm has a 50-day moving average price of $221.43 and a 200-day moving average price of $210.46. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.09 and a quick ratio of 1.82. Cintas Corporation has a 52 week low of $180.78 and a 52 week high of $229.24. The company has a market cap of $89.26 billion, a P/E ratio of 50.23, a price-to-earnings-growth ratio of 3.48 and a beta of 1.03.

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

Cintas Increases Dividend

The company 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 represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Cintas's previous quarterly dividend of $0.39. Cintas's payout ratio is currently 35.37%.

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.