TD Asset Management Inc Grows Holdings in Cintas Corporation (NASDAQ:CTAS)

Key Points

• TD Asset Management Inc increased its stake in Cintas Corporation by 11.1% during the first quarter, owning a total of 804,190 shares valued at approximately $165.29 million.
• Cintas reported earnings of $1.09 EPS for the last quarter, exceeding expectations, and its revenue reached $2.67 billion, up 8.0% year-over-year.
• Analysts have varied opinions on Cintas with a consensus rating of "Hold" and an average price target of $224.54, with recent upgrades from firms like UBS Group and Goldman Sachs Group.

TD Asset Management Inc boosted its position in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 11.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 804,190 shares of the business services provider's stock after acquiring an additional 80,321 shares during the period. TD Asset Management Inc owned about 0.20% of Cintas worth $165,285,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crestwood Advisors Group LLC purchased a new stake in shares of Cintas during the 1st quarter worth approximately $270,000. Ameriprise Financial Inc. raised its position in Cintas by 26.7% in the 4th quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock valued at $407,163,000 after purchasing an additional 468,950 shares during the last quarter. Alpine Global Management LLC purchased a new stake in Cintas in the 4th quarter valued at $284,000. Treasurer of the State of North Carolina raised its position in Cintas by 12.3% in the 4th quarter. Treasurer of the State of North Carolina now owns 170,182 shares of the business services provider's stock valued at $31,092,000 after purchasing an additional 18,620 shares during the last quarter. Finally, Pinnacle Financial Partners Inc raised its position in Cintas by 3.8% in the 1st quarter. Pinnacle Financial Partners Inc now owns 60,099 shares of the business services provider's stock valued at $12,327,000 after purchasing an additional 2,191 shares during the last quarter. Institutional investors and hedge funds own 63.46% of the company's stock.

Analyst Ratings Changes

CTAS has been the subject of several research reports. UBS Group upped their price target on shares of Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Robert W. Baird upped their price target on shares of Cintas from $227.00 to $230.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Wells Fargo & Company upgraded shares of Cintas from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $240.00 price target (up previously from $215.00) on shares of Cintas in a research report on Monday, June 9th. Finally, Redburn Atlantic downgraded shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price target for the company. in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cintas has an average rating of "Hold" and an average target price of $224.54.

Cintas Price Performance

Shares of NASDAQ:CTAS traded up $0.82 on Wednesday, reaching $223.50. 395,123 shares of the company were exchanged, compared to its average volume of 1,704,838. The company has a current ratio of 2.09, a quick ratio of 1.82 and a debt-to-equity ratio of 0.52. Cintas Corporation has a 1-year low of $180.78 and a 1-year high of $229.24. The firm has a market cap of $90.25 billion, a price-to-earnings ratio of 50.75, a price-to-earnings-growth ratio of 3.46 and a beta of 1.05. The company has a 50-day moving average of $221.39 and a 200-day moving average of $209.85.

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

Cintas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 0.81%. This is a boost from Cintas's previous quarterly dividend of $0.39. Cintas's dividend payout ratio is presently 35.37%.

Insider Transactions at Cintas

In other Cintas news, Director Martin Mucci acquired 1,200 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were purchased at an average cost of $222.55 per share, with a total value of $267,060.00. Following the purchase, the director owned 2,621 shares in the company, valued at approximately $583,303.55. The trade was a 84.45% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Todd M. Schneider sold 17,301 shares of the 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 currently owned by corporate insiders.

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.