Geode Capital Management LLC Boosts Stock Position in Cintas Co. (NASDAQ:CTAS)

Geode Capital Management LLC grew its stake in shares of Cintas Co. (NASDAQ:CTAS) by 309.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,248,271 shares of the business services provider’s stock after buying an additional 6,235,052 shares during the period. Geode Capital Management LLC owned 2.05% of Cintas worth $1,693,654,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC lifted its holdings in Cintas by 17.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 1,282 shares of the business services provider’s stock worth $898,000 after purchasing an additional 194 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Cintas by 0.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,181 shares of the business services provider’s stock worth $21,135,000 after purchasing an additional 273 shares in the last quarter. ORG Partners LLC lifted its holdings in Cintas by 1,203.8% in the 2nd quarter. ORG Partners LLC now owns 1,369 shares of the business services provider’s stock worth $952,000 after purchasing an additional 1,264 shares in the last quarter. Keudell Morrison Wealth Management purchased a new position in Cintas in the 2nd quarter worth approximately $204,000. Finally, Brookmont Capital Management purchased a new position in Cintas in the 2nd quarter worth approximately $201,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CTAS shares. Robert W. Baird boosted their price target on Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. The Goldman Sachs Group upped their price objective on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Jefferies Financial Group decreased their price objective on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a report on Thursday, September 26th. Wells Fargo & Company upped their price objective on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a report on Thursday, September 26th. Finally, Truist Financial upped their price objective on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $199.63.

Cintas Stock Performance

NASDAQ CTAS opened at $210.14 on Wednesday. The company has a market cap of $84.75 billion, a P/E ratio of 53.07, a P/E/G ratio of 4.41 and a beta of 1.34. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53. The business’s 50 day moving average price is $214.62 and its 200-day moving average price is $201.21. Cintas Co. has a fifty-two week low of $138.39 and a fifty-two week high of $228.12.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating the consensus estimate 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 quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.70 EPS. Sell-side analysts predict that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s dividend payout ratio (DPR) is presently 39.39%.

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.