New York Life Investment Management LLC buys 141 shares of Cintas Co. (NASDAQ:CTAS)

New York Life Investment Management LLC grew its position in Cintas Co. (NASDAQ:CTAS – Free Report) by 1.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 13,140 shares of the business services provider’s stock after acquiring an additional 141 shares during the period. New York Life Investment Management LLC’s holdings in Cintas were worth $9,201,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. LGT Financial Advisors LLC boosted its stake in Cintas by 311.1% in the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. Atwood & Palmer Inc. bought a new position in Cintas in the second quarter valued at approximately $27,000. Pathway Financial Advisers LLC acquired a new stake in Cintas in the 1st quarter worth approximately $29,000. Rise Advisors LLC bought a new stake in Cintas in the first quarter worth approximately $30,000. Finally, Webster Bank NA purchased a new position in Cintas in the first quarter valued at about $38,000. Institutional investors and hedge funds own 63.46% of the company’s shares.

Insider buying and selling at Cintas

In other news, Director Gerald S. Adolph sold 1,100 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $765.72, for a total value of $842,292.00. Following the transaction, the director now owns 31,452 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders hold 15.10% of the company’s shares.

Analyst upgrades and downgrades

A number of brokerages have recently commented on CTAS. Robert W. Baird reiterated a “neutral” rating and set a $775.00 target price (up previously from $750.00) on shares of Cintas in a report on Friday, July 19th. UBS Group boosted their price target on Cintas from $790.00 to $874.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Barclays boosted their price objective on Cintas from $700.00 to $850.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Truist Financial lifted their price objective on Cintas from $775.00 to $850.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Redburn Atlantic began coverage on shares of Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $670.00 price target for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. Cintas has an average rating of “Hold” and a consensus price target of $742.36, based on data from MarketBeat.com.

Get the latest stock report on Cintas

Cintas stock performance

CTAS opened at $781.90 on Friday. Cintas Co. has a 1 year low of $474.74 and a 1 year high of $812.01. The company has a market cap of $79.33 billion, a price-to-earnings ratio of 54.00, a PEG ratio of 4.28 and a beta of 1.32. The company’s fifty day moving average price is $756.32 and its two hundred day moving average price is $699.52. The company has a current ratio of 1.74, a quick ratio of 1.52, and a debt-to-equity ratio of 0.47.

Cintas shares will split before the market opens on Thursday, September 12. The 4-1 split was announced on Thursday, May 2. The newly created shares will be payable to shareholders after market close on Wednesday, September 11.

Cintas (NASDAQ:CTAS – Get Free Report ) last released its quarterly earnings results on Thursday, July 18th. The business services provider reported $3.99 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.19. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. Cintas’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted EPS of $3.33. On average, analysts expect that Cintas Co. to record 16.64 EPS for the current fiscal year.

Cintas declared that its Board of Directors has initiated a stock buyback plan on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization allows the business services provider to purchase up to 1.3% of its shares through open market purchases. Share buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Cintas raises dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were given a $1.56 dividend. This represents a dividend of $6.24 on an annualized basis and a yield of 0.80%. This is an increase from Cintas’ previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Thursday, August 15. Cintas’s dividend payout ratio is currently 43.09%.

About Cintas

(Free report)

Cintas Corporation is engaged 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 Services and Services, First Aid and Safety Services and all other segments. The company rents and services uniforms and other clothing, including flame retardant clothing, floor mats, mops and shop towels and other ancillary items; and offers restroom cleaning services and supplies as well as sells uniforms.

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