Destination Wealth Management Invests $548,000 in Cintas Co. (NASDAQ:CTAS)

Destination Wealth Management acquired a new stake in Cintas Co. (NASDAQ:CTAS) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,660 shares of the business services provider’s stock, valued at approximately $548,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. LGT Financial Advisors LLC boosted its stake 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 acquiring an additional 28 shares during the last quarter. Financial Management Professionals Inc. boosted its stake in shares of Cintas by 341.4% during the 3rd quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock worth $26,000 after purchasing an additional 99 shares during the last quarter. Hollencrest Capital Management grew its holdings in shares of Cintas by 433.3% during the third quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock worth $26,000 after buying an additional 104 shares in the last quarter. Addison Advisors LLC raised its position in shares of Cintas by 495.7% in the third quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock valued at $28,000 after buying an additional 114 shares during the last quarter. Finally, Grove Bank & Trust boosted its position in Cintas by 1,340.0% during the third quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock worth $30,000 after acquiring an additional 134 shares during the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CTAS. Wells Fargo & Company increased their price target on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research note on Thursday, September 26th. Truist Financial upped their price objective on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Jefferies Financial Group dropped their price target on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research report on Thursday, September 26th. Morgan Stanley upped their price objective on Cintas from $185.00 to $202.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, UBS Group boosted their price target on Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a research report 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $200.77.

Cintas Trading Up 0.3 %

NASDAQ:CTAS opened at $211.59 on Friday. Cintas Co. has a 52 week low of $138.39 and a 52 week high of $228.12. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. The company has a market cap of $85.33 billion, a PE ratio of 53.43, a P/E/G ratio of 4.15 and a beta of 1.33. The business’s 50 day moving average is $215.00 and its two-hundred day moving average is $201.62.

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, beating analysts’ consensus estimates of $1.00 by $0.10. The business had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.70 EPS. On average, analysts predict that Cintas Co. will post 4.23 EPS for the current year.

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 0.74%. Cintas’s dividend payout ratio (DPR) is presently 39.39%.

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.