Royal Bank of Canada Has $6.21 Million Stock Position in Rentokil Initial PLC $RTO

Key Points

• Royal Bank of Canada increased its Rentokil Initial position by 87.6% in the first quarter, holding 197,383 shares valued at approximately $6.21 million. Institutional investors and hedge funds collectively own 9.91% of the company.
• Analyst sentiment remains broadly positive but mixed, with Rentokil Initial carrying a “Moderate Buy” consensus rating and an average price target of $31.90.
• RTO shares opened at $24.57, near their 52-week low of $23.26 and below both the 50-day and 200-day moving averages, indicating recent stock-price weakness.

Royal Bank of Canada boosted its position in shares of Rentokil Initial PLC (NYSE:RTO - Free Report) by 87.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 197,383 shares of the company's stock after purchasing an additional 92,149 shares during the period. Royal Bank of Canada's holdings in Rentokil Initial were worth $6,213,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RTO. Assetmark Inc. raised its stake in shares of Rentokil Initial by 38.5% in the fourth quarter. Assetmark Inc. now owns 648,845 shares of the company's stock valued at $19,115,000 after acquiring an additional 180,332 shares during the last quarter. Nichols & Pratt Advisers LLP MA grew its position in Rentokil Initial by 14.4% during the 4th quarter. Nichols & Pratt Advisers LLP MA now owns 997,112 shares of the company's stock worth $29,375,000 after acquiring an additional 125,697 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in Rentokil Initial during the 4th quarter valued at $2,941,000. Bleakley Financial Group LLC increased its holdings in Rentokil Initial by 36.9% during the 4th quarter. Bleakley Financial Group LLC now owns 61,391 shares of the company's stock valued at $1,809,000 after purchasing an additional 16,553 shares in the last quarter. Finally, QRG Capital Management Inc. bought a new position in Rentokil Initial in the 1st quarter valued at $1,079,000. 9.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RTO shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of Rentokil Initial in a research note on Monday, August 3rd. BNP Paribas Exane cut Rentokil Initial from an "outperform" rating to a "neutral" rating and set a $26.70 price target for the company. in a report on Friday, July 31st. The Goldman Sachs Group upgraded shares of Rentokil Initial from a "neutral" rating to a "buy" rating in a research report on Monday, July 6th. Zacks Research lowered shares of Rentokil Initial from a "hold" rating to a "strong sell" rating in a report on Monday, June 15th. Finally, Wall Street Zen cut shares of Rentokil Initial from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Rentokil Initial presently has an average rating of "Moderate Buy" and an average price target of $31.90.

Rentokil Initial Stock Performance

Shares of NYSE:RTO opened at $24.57 on Wednesday. The company has a 50 day moving average price of $28.59 and a two-hundred day moving average price of $30.86. The company has a quick ratio of 1.07, a current ratio of 1.16 and a debt-to-equity ratio of 0.76. Rentokil Initial PLC has a 52 week low of $23.26 and a 52 week high of $34.67.

Rentokil Initial Cuts Dividend

The firm also recently announced a dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, August 14th will be issued a dividend of $0.224 per share. The ex-dividend date is Friday, August 14th. This represents a yield of 192.0%.

Rentokil Initial Profile

Rentokil Initial PLC is a global business services company specializing in pest control, hygiene and workwear services. Headquartered in Crawley, West Sussex, United Kingdom, the company delivers outsourced solutions designed to protect people, preserve assets and enhance workplaces for both commercial and residential customers.

Under the Rentokil Pest Control brand, the company offers services ranging from routine inspections and treatment of insects, rodents and birds to specialised programmes for food manufacturing and healthcare environments.

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