Chesapeake Wealth Management Boosts Stock Position in Cintas Co. (NASDAQ:CTAS)

Chesapeake Wealth Management grew its stake in shares of Cintas Co. (NASDAQ:CTAS) by 288.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,940 shares of the business services provider’s stock after buying an additional 1,440 shares during the period. Chesapeake Wealth Management’s holdings in Cintas were worth $399,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Atria Investments Inc increased its stake in Cintas by 291.7% in the 3rd quarter. Atria Investments Inc now owns 22,321 shares of the business services provider’s stock worth $4,595,000 after acquiring an additional 16,623 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Cintas by 343.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 111,599 shares of the business services provider’s stock worth $22,976,000 after acquiring an additional 86,460 shares during the last quarter. Creative Planning increased its stake in Cintas by 34.4% in the 2nd quarter. Creative Planning now owns 19,351 shares of the business services provider’s stock worth $13,551,000 after acquiring an additional 4,957 shares during the last quarter. Western Financial Corp CA increased its stake in Cintas by 628.2% in the 3rd quarter. Western Financial Corp CA now owns 11,797 shares of the business services provider’s stock worth $2,429,000 after acquiring an additional 10,177 shares during the last quarter. Finally, Portside Wealth Group LLC increased its stake in Cintas by 361.9% in the 3rd quarter. Portside Wealth Group LLC now owns 1,395 shares of the business services provider’s stock worth $287,000 after acquiring an additional 1,093 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Price Performance

Shares of CTAS stock opened at $216.20 on Tuesday. Cintas Co. has a twelve month low of $136.50 and a twelve month high of $227.35. The stock has a market capitalization of $87.19 billion, a price-to-earnings ratio of 54.60, a P/E/G ratio of 4.24 and a beta of 1.32. The stock has a fifty day simple moving average of $221.79 and a two-hundred day simple moving average of $196.06. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Cintas (NASDAQ:CTAS) last issued its earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share 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 analysts’ expectations of $2.49 billion. During the same period in the prior year, the business earned $3.70 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, analysts predict that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Dividend Announcement

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

Cintas announced that its Board of Directors has authorized a share repurchase program on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CTAS shares. Morgan Stanley boosted their target price on Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Barclays boosted their target price on Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. 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 on the stock. Jefferies Financial Group dropped their price objective on Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a report on Thursday, September 26th. Finally, Wells Fargo & Company boosted their price objective on Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a 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 given a buy rating to the company’s stock. According to data from MarketBeat, Cintas presently has an average rating of “Hold” and an average price target of $199.63.

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.