Moran Wealth Management LLC Purchases 99,964 Shares of Cintas Co. (NASDAQ:CTAS)

Moran Wealth Management LLC lifted its position in shares of Cintas Co. (NASDAQ:CTAS) by 783.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,722 shares of the business services provider’s stock after purchasing an additional 99,964 shares during the period. Moran Wealth Management LLC’s holdings in Cintas were worth $23,207,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. LGT Financial Advisors LLC lifted its position in shares of Cintas by 311.1% during 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. Financial Management Professionals Inc. raised its position in Cintas by 341.4% in the third quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock worth $26,000 after acquiring an additional 99 shares during the period. Hollencrest Capital Management raised its position in Cintas by 433.3% in the third quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock worth $26,000 after acquiring an additional 104 shares during the period. Atwood & Palmer Inc. bought a new stake in Cintas in the second quarter worth about $27,000. Finally, Addison Advisors LLC raised its position in Cintas by 495.7% in the third quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock worth $28,000 after acquiring an additional 114 shares during the period. 63.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Robert W. Baird lifted their price objective on shares of Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Truist Financial lifted their target price on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Barclays lifted their target price on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Redburn Atlantic assumed coverage on shares of Cintas in a research note on Friday, August 9th. They issued a “neutral” rating and a $167.50 target price for the company. Finally, The Goldman Sachs Group lifted their target price on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Cintas presently has an average rating of “Hold” and a consensus price target of $199.63.

Cintas Price Performance

Cintas stock traded down $1.54 during mid-day trading on Wednesday, hitting $216.43. 85,627 shares of the company traded hands, compared to its average volume of 1,444,108. Cintas Co. has a one year low of $136.87 and a one year high of $227.35. The stock has a market cap of $87.29 billion, a price-to-earnings ratio of 55.04, a price-to-earnings-growth ratio of 4.24 and a beta of 1.32. 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 stock has a fifty day moving average price of $222.07 and a 200-day moving average price of $196.41.

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

Cintas Dividend Announcement

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

Cintas announced that its Board of Directors has authorized a share buyback program on Tuesday, July 23rd that allows 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

About Cintas

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.