Cintas Corporation (NASDAQ:CTAS) Position Increased by Thoroughbred Financial Services LLC

Key Points

• Thoroughbred Financial Services LLC increased its holdings in Cintas Corporation by 17.6%, bringing its total shares to 35,712, valued at approximately $7.34 million.
• Several analysts have raised their price targets for Cintas, with UBS Group setting a new target at $255, indicating positive market expectations for the company's future performance.
• Cintas recently announced a quarterly dividend increase to $0.45 per share, reflecting a continued commitment to returning value to its shareholders.

Thoroughbred Financial Services LLC raised its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 17.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,712 shares of the business services provider's stock after purchasing an additional 5,332 shares during the period. Thoroughbred Financial Services LLC's holdings in Cintas were worth $7,340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in CTAS. Pinnacle Wealth Management Advisory Group LLC boosted its stake in Cintas by 3.9% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,256 shares of the business services provider's stock worth $258,000 after purchasing an additional 47 shares during the period. MJP Associates Inc. ADV raised its holdings in shares of Cintas by 2.1% in the 4th quarter. MJP Associates Inc. ADV now owns 2,412 shares of the business services provider's stock valued at $441,000 after acquiring an additional 50 shares in the last quarter. Kathmere Capital Management LLC raised its holdings in shares of Cintas by 4.1% in the 1st quarter. Kathmere Capital Management LLC now owns 1,293 shares of the business services provider's stock valued at $266,000 after acquiring an additional 51 shares in the last quarter. Pinnacle Associates Ltd. raised its holdings in shares of Cintas by 4.1% in the 1st quarter. Pinnacle Associates Ltd. now owns 1,291 shares of the business services provider's stock valued at $265,000 after acquiring an additional 51 shares in the last quarter. Finally, Wellspring Financial Advisors LLC raised its holdings in shares of Cintas by 4.6% in the 4th quarter. Wellspring Financial Advisors LLC now owns 1,171 shares of the business services provider's stock valued at $214,000 after acquiring an additional 52 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Cintas Trading Down 0.4%

NASDAQ:CTAS traded down $0.88 during trading hours on Thursday, reaching $223.40. 1,023,251 shares of the stock were exchanged, compared to its average volume of 1,450,362. The company has a market capitalization of $90.03 billion, a price-to-earnings ratio of 50.66, a PEG ratio of 3.87 and a beta of 1.03. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52. Cintas Corporation has a twelve month low of $180.78 and a twelve month high of $229.24. The business has a 50-day moving average of $221.41 and a two-hundred day moving average of $210.91.

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

Cintas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CTAS shares. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $196.00 to $221.00 in a report on Tuesday, July 1st. Morgan Stanley raised their price target on Cintas from $213.00 to $220.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. UBS Group boosted their target price on Cintas from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Robert W. Baird boosted their target price on Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Finally, 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 target on the stock. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cintas presently has a consensus rating of "Hold" and an average price target of $224.54.

Insider Transactions at Cintas

In other Cintas news, Director Martin Mucci purchased 1,200 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was purchased at an average cost of $222.55 per share, with a total value of $267,060.00. Following the transaction, the director owned 2,621 shares in the company, valued at approximately $583,303.55. This trade represents a 84.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed 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 transaction, the chief executive officer directly owned 622,712 shares of the company's stock, 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. Insiders own 15.00% of the company's stock.

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.