abrdn plc Purchases 106,193 Shares of Cintas Co. (NASDAQ:CTAS)

abrdn plc grew its position in shares of Cintas Co. (NASDAQ:CTAS) by 287.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 143,084 shares of the business services provider’s stock after acquiring an additional 106,193 shares during the quarter. abrdn plc’s holdings in Cintas were worth $29,426,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CTAS. LGT Financial Advisors LLC grew its stake in shares of Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after buying an additional 28 shares in the last quarter. Financial Management Professionals Inc. increased its stake in Cintas by 341.4% during 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 last quarter. Atwood & Palmer Inc. purchased a new stake in Cintas during the second quarter valued at approximately $27,000. Pathway Financial Advisers LLC bought a new stake in shares of Cintas in the 1st quarter valued at approximately $29,000. Finally, Grove Bank & Trust boosted its holdings in shares of Cintas by 1,340.0% in the 3rd quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock worth $30,000 after purchasing an additional 134 shares during the period. Institutional investors own 63.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on CTAS shares. Wells Fargo & Company lifted their price objective on shares of 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 target on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Jefferies Financial Group decreased their price objective on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research note on Thursday, September 26th. Stifel Nicolaus upped their target price on Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research note on Friday, July 19th. Finally, The Goldman Sachs Group raised their price target on 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 assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Cintas has a consensus rating of “Hold” and an average price target of $199.63.

Cintas Price Performance

Shares of CTAS opened at $207.85 on Thursday. The company has a 50 day moving average of $217.38 and a two-hundred day moving average of $191.29. The company has a market cap of $21.09 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 4.12 and a beta of 1.32. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. Cintas Co. has a twelve month low of $125.62 and a twelve month high of $215.37.

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

Cintas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.75%. Cintas’s payout ratio is currently 10.77%.

Cintas declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management 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.