Pinnacle Financial Partners Inc Increases Holdings in Cintas Corporation (NASDAQ:CTAS)

Pinnacle Financial Partners Inc grew its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 3.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,099 shares of the business services provider's stock after acquiring an additional 2,191 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Cintas were worth $12,327,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CTAS. Norges Bank purchased a new position in shares of Cintas during the 4th quarter worth $877,216,000. GAMMA Investing LLC increased its holdings in Cintas by 19,644.3% in the 1st quarter. GAMMA Investing LLC now owns 2,263,091 shares of the business services provider's stock valued at $465,133,000 after purchasing an additional 2,251,629 shares during the last quarter. Winslow Capital Management LLC acquired a new position in Cintas during the fourth quarter worth $196,057,000. Raymond James Financial Inc. acquired a new stake in shares of Cintas in the fourth quarter valued at $96,282,000. Finally, Northern Trust Corp boosted its holdings in Cintas by 13.1% during the 4th quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock valued at $743,048,000 after acquiring an additional 472,069 shares during the period. Hedge funds and other institutional investors own 63.46% of the company's stock.

Cintas Stock Performance

Cintas stock traded up $3.17 during midday trading on Thursday, hitting $218.83. 942,340 shares of the company's stock were exchanged, compared to its average volume of 1,669,363. Cintas Corporation has a 12-month low of $174.44 and a 12-month high of $229.24. The stock has a market cap of $88.36 billion, a price-to-earnings ratio of 50.68, a price-to-earnings-growth ratio of 3.36 and a beta of 1.05. The firm's 50 day simple moving average is $219.80 and its 200 day simple moving average is $205.92. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.72.

Cintas Dividend Announcement

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

Insider Buying and Selling at Cintas

In other Cintas news, COO Jim Rozakis sold 2,000 shares of the company's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $190.37, for a total transaction of $380,740.00. Following the completion of the transaction, the chief operating officer owned 256,528 shares in the company, valued at approximately $48,835,235.36. This represents a 0.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald W. Tysoe sold 8,521 shares of the 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 $5,647,979.84. This represents a 23.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

CTAS has been the topic of several recent research reports. Robert W. Baird upped their target price on shares of Cintas from $200.00 to $227.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. The Goldman Sachs Group boosted their price objective on Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a research report on Wednesday. Argus upgraded shares of Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Redburn Atlantic downgraded Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price target for the company. in a report on Thursday, May 1st. Finally, Truist Financial upped their price target on Cintas from $215.00 to $230.00 and gave the company a "buy" rating in a report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cintas has a consensus rating of "Hold" and a consensus price target of $219.58.

Cintas 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.