Horan Capital Advisors LLC. Boosts Stock Position in Cintas Co. (NASDAQ:CTAS)

Horan Capital Advisors LLC. raised its position in shares of Cintas Co. (NASDAQ:CTAS) by 300.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,300 shares of the business services provider’s stock after purchasing an additional 1,725 shares during the quarter. Horan Capital Advisors LLC.’s holdings in Cintas were worth $474,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Checchi Capital Advisers LLC grew its holdings in shares of Cintas by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock valued at $1,156,000 after purchasing an additional 14 shares in the last quarter. Axxcess Wealth Management LLC boosted its stake in Cintas by 0.5% during the second quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock worth $2,034,000 after buying an additional 14 shares during the period. Field & Main Bank boosted its stake in shares of Cintas by 25.0% during the second quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 15 shares during the period. Drive Wealth Management LLC lifted its holdings in Cintas by 3.7% during the 2nd quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock valued at $314,000 after buying an additional 16 shares in the last quarter. Finally, TIAA Trust National Association grew its stake in Cintas by 1.2% in the 2nd quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock worth $954,000 after acquiring an additional 16 shares in the last quarter. 63.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CTAS. Wells Fargo & Company increased their price objective on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research note on Thursday, September 26th. Truist Financial increased their target price on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. The Goldman Sachs Group boosted their price target on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Royal Bank of Canada upped their target price on Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. Finally, Jefferies Financial Group reduced their price target on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $199.63.

Cintas Trading Up 0.5 %

CTAS stock opened at $216.20 on Tuesday. Cintas Co. has a 52-week low of $136.50 and a 52-week high of $227.35. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. The firm has a market cap of $87.19 billion, a P/E ratio of 54.60, a PEG ratio of 4.24 and a beta of 1.32. The company’s 50-day simple moving average is $221.79 and its 200-day simple moving average is $196.06.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.10. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a return on equity of 39.56% and a net margin of 16.80%. Cintas’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.70 earnings per share. As a group, equities analysts forecast that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas declared that its board has initiated a stock buyback plan on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Cintas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.72%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s payout ratio is presently 39.39%.

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.