Everhart Financial Group Inc. Buys 154 Shares of Cintas Co. (NASDAQ:CTAS)

Everhart Financial Group Inc. raised its stake in shares of Cintas Co. (NASDAQ:CTAS) by 16.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,081 shares of the business services provider’s stock after purchasing an additional 154 shares during the quarter. Everhart Financial Group Inc.’s holdings in Cintas were worth $757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of CTAS. Capital CS Group LLC grew its position in Cintas by 1.9% in the 2nd quarter. Capital CS Group LLC now owns 920 shares of the business services provider’s stock worth $644,000 after purchasing an additional 17 shares during the period. Andina Capital Management LLC grew its position in shares of Cintas by 3.3% during the 2nd quarter. Andina Capital Management LLC now owns 538 shares of the business services provider’s stock valued at $377,000 after acquiring an additional 17 shares during the period. Harbor Investment Advisory LLC grew its position in shares of Cintas by 5.4% during the 1st quarter. Harbor Investment Advisory LLC now owns 349 shares of the business services provider’s stock valued at $240,000 after acquiring an additional 18 shares during the period. Pallas Capital Advisors LLC grew its position in shares of Cintas by 1.9% during the 2nd quarter. Pallas Capital Advisors LLC now owns 1,005 shares of the business services provider’s stock valued at $763,000 after acquiring an additional 19 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Cintas by 41.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 68 shares of the business services provider’s stock valued at $41,000 after acquiring an additional 20 shares during the period. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. UBS Group boosted their price objective on shares of Cintas from $790.00 to $874.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Truist Financial lifted their target price on shares of Cintas from $775.00 to $850.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Citigroup cut shares of Cintas from a “neutral” rating to a “sell” rating and lifted their target price for the company from $530.00 to $570.00 in a research note on Friday, May 24th. Royal Bank of Canada cut shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 target price on the stock. in a research note on Monday, July 15th. Finally, Robert W. Baird restated a “neutral” rating and set a $775.00 target price (up previously from $750.00) on shares of Cintas in a research note on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $742.36.

Cintas Price Performance

Shares of NASDAQ CTAS traded up $3.86 during mid-day trading on Friday, hitting $788.50. 257,059 shares of the company’s stock traded hands, compared to its average volume of 372,748. The company’s 50-day moving average is $738.41 and its two-hundred day moving average is $686.24. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52. The company has a market capitalization of $80.00 billion, a P/E ratio of 54.45, a PEG ratio of 4.06 and a beta of 1.31. Cintas Co. has a 1 year low of $474.74 and a 1 year high of $791.65.

Shares of Cintas are set to split on the morning of Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly minted shares will be distributed to shareholders after the market closes on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last announced its earnings results on Thursday, July 18th. The business services provider reported $3.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.19. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company earned $3.33 EPS. On average, equities analysts anticipate that Cintas Co. will post 16.62 EPS for the current fiscal year.

Cintas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be issued a dividend of $1.56 per share. This represents a $6.24 annualized dividend and a yield of 0.79%. This is an increase from Cintas’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Thursday, August 15th. Cintas’s dividend payout ratio is presently 43.09%.

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

Insider Activity at Cintas

In related news, Director Gerald S. Adolph sold 1,100 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $765.72, for a total transaction of $842,292.00. Following the transaction, the director now directly owns 31,452 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.10% of the stock is currently owned by insiders.

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.