Drive Wealth Management LLC Buys 1,384 Shares of Cintas Co. (NASDAQ:CTAS)

Drive Wealth Management LLC increased its position in shares of Cintas Co. (NASDAQ:CTAS) by 308.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,832 shares of the business services provider’s stock after purchasing an additional 1,384 shares during the quarter. Drive Wealth Management LLC’s holdings in Cintas were worth $377,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CTAS. J. W. Coons Advisors LLC boosted its holdings in shares of Cintas by 292.6% in the 3rd quarter. J. W. Coons Advisors LLC now owns 5,320 shares of the business services provider’s stock valued at $1,095,000 after purchasing an additional 3,965 shares in the last quarter. Braun Stacey Associates Inc. boosted its stake in Cintas by 243.1% in the third quarter. Braun Stacey Associates Inc. now owns 4,828 shares of the business services provider’s stock valued at $994,000 after buying an additional 3,421 shares in the last quarter. GLOBALT Investments LLC GA boosted its stake in Cintas by 277.0% in the third quarter. GLOBALT Investments LLC GA now owns 34,154 shares of the business services provider’s stock valued at $7,032,000 after buying an additional 25,094 shares in the last quarter. Quest Partners LLC grew its position in Cintas by 70.4% in the third quarter. Quest Partners LLC now owns 5,172 shares of the business services provider’s stock valued at $1,065,000 after acquiring an additional 2,137 shares during the last quarter. Finally, MAI Capital Management raised its stake in Cintas by 173.5% during the third quarter. MAI Capital Management now owns 8,789 shares of the business services provider’s stock worth $1,810,000 after acquiring an additional 5,575 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Cintas Stock Performance

Shares of Cintas stock opened at $216.20 on Tuesday. The business has a 50-day moving average price of $221.79 and a two-hundred day moving average price of $196.06. Cintas Co. has a 1-year low of $136.50 and a 1-year high of $227.35. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market cap of $87.19 billion, a P/E ratio of 54.60, a PEG ratio of 4.24 and a beta of 1.32.

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 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 return on equity of 39.56% and a net margin of 16.80%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $3.70 earnings per share. As a group, analysts anticipate that Cintas Co. will post 4.23 EPS for the current year.

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

Cintas Announces Dividend

The business 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 dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.72%. Cintas’s dividend payout ratio is currently 39.39%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CTAS. Barclays raised their price target on shares of Cintas from $210.00 to $245.00 and gave the company 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 set a “neutral” rating and a $167.50 target price on the stock. The Goldman Sachs Group upped their price target on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Jefferies Financial Group cut their price objective on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a report on Thursday, September 26th. Finally, UBS Group upped their target price on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a 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 company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $199.63.

Cintas Company 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.