Drive Wealth Management LLC Acquires 1,384 Shares of Cintas Co. (NASDAQ:CTAS)

Drive Wealth Management LLC raised its holdings in Cintas Co. (NASDAQ:CTAS) by 308.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,832 shares of the business services provider’s stock after buying an additional 1,384 shares during the period. Drive Wealth Management LLC’s holdings in Cintas were worth $377,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CTAS. Impax Asset Management Group plc lifted its stake in Cintas by 211.1% during the 3rd quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider’s stock valued at $499,236,000 after acquiring an additional 1,648,350 shares in the last quarter. Alecta Tjanstepension Omsesidigt lifted its position in shares of Cintas by 300.0% during the third quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock valued at $335,552,000 after purchasing an additional 1,222,500 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Cintas by 211.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,140,595 shares of the business services provider’s stock valued at $234,826,000 after purchasing an additional 774,551 shares in the last quarter. Swiss National Bank grew its position in Cintas by 301.0% in the 3rd quarter. Swiss National Bank now owns 1,084,400 shares of the business services provider’s stock worth $223,256,000 after purchasing an additional 814,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Cintas by 291.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,402 shares of the business services provider’s stock valued at $183,110,000 after buying an additional 662,431 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CTAS has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research note on Thursday, September 26th. Jefferies Financial Group cut their price objective on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research report on Thursday, September 26th. Redburn Atlantic started coverage on Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $167.50 target price for the company. Robert W. Baird boosted their price target on shares of Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Finally, The Goldman Sachs Group raised their price objective on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Two 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $199.63.

Cintas Price Performance

Cintas stock opened at $216.20 on Tuesday. The firm has a market capitalization of $87.19 billion, a P/E ratio of 54.60, a PEG ratio of 4.24 and a beta of 1.32. Cintas Co. has a one year low of $136.50 and a one year high of $227.35. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. The business has a fifty day moving average price of $221.79 and a 200-day moving average price of $196.06.

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

Cintas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date is Friday, November 15th. Cintas’s dividend payout ratio (DPR) is presently 39.39%.

Cintas declared that its Board of Directors has approved a stock buyback plan on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the business services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.