Heritage Wealth Management Inc. Purchases Shares of 2,821 Cintas Co. (NASDAQ:CTAS)

Heritage Wealth Management Inc. purchased a new stake in shares of Cintas Co. (NASDAQ:CTAS) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 2,821 shares of the business services provider’s stock, valued at approximately $2,008,000.

Several other institutional investors have also added to or reduced their stakes in CTAS. CIBC Asset Management Inc grew its holdings in Cintas by 0.6% during the 4th quarter. CIBC Asset Management Inc now owns 27,825 shares of the business services provider’s stock valued at $16,769,000 after buying an additional 167 shares in the last quarter. Rafferty Asset Management LLC boosted its holdings in shares of Cintas by 14.6% in the 4th quarter. Rafferty Asset Management LLC now owns 26,631 shares of the business services provider’s stock worth $16,049,000 after purchasing an additional 3,383 shares during the period. Belpointe Asset Management LLC boosted its holdings in shares of Cintas by 65.5% in the 4th quarter. Belpointe Asset Management LLC now owns 705 shares of the business services provider’s stock worth $425,000 after purchasing an additional 279 shares during the period. Holderness Investments Co. purchased a new position in shares of Cintas in the 4th quarter worth approximately $732,000. Finally, Lake Street Advisors Group LLC purchased a new position in shares of Cintas in the 4th quarter worth approximately $220,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Stock Down 1.0 %

Shares of CTAS stock opened at $203.86 on Wednesday. Cintas Co. has a 1-year low of $119.69 and a 1-year high of $211.57. The stock’s fifty day moving average price is $209.44 and its 200 day moving average price is $185.04. 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 cap of $20.68 billion, a price-to-earnings ratio of 14.08, a price-to-earnings-growth ratio of 4.09 and a beta of 1.32.

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 37.82% and a net margin of 16.38%. 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. On average, research analysts expect that Cintas Co. will post 4.16 earnings per share for the current fiscal year.

Cintas Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.56 annualized dividend and a yield of 0.77%. Cintas’s dividend payout ratio (DPR) is 10.77%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Jefferies Financial Group dropped their target price on Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a report on Thursday, September 26th. Barclays lifted their target price on Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Morgan Stanley lifted their target price on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a report on Thursday, September 26th. The Goldman Sachs Group lifted their target price on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Redburn Atlantic initiated coverage on Cintas in a report on Friday, August 9th. They set a “neutral” rating and a $167.50 price objective for the company. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $199.63.

Insider Buying and Selling

In related news, Director Gerald S. Adolph sold 4,400 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction of $842,292.00. Following the transaction, the director now directly owns 125,808 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 15.10% of the stock is owned by company insiders.

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.