Meiji Yasuda Asset Management Co Ltd. Has $6.19 Million Stake in Cintas Co. (NASDAQ:CTAS)

Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Cintas Co. (NASDAQ:CTAS) by 37.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,844 shares of the business services provider’s stock after purchasing an additional 2,417 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cintas were worth $6,193,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Checchi Capital Advisers LLC lifted its holdings in shares of Cintas by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock valued at $1,156,000 after purchasing an additional 14 shares in the last quarter. Axxcess Wealth Management LLC grew its stake in shares of Cintas by 0.5% in the 2nd quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock worth $2,034,000 after acquiring an additional 14 shares in the last quarter. Field & Main Bank raised its holdings in shares of Cintas by 25.0% in the second quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 15 shares during the last quarter. Drive Wealth Management LLC lifted its position in shares of Cintas by 3.7% during the second quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock valued at $314,000 after purchasing an additional 16 shares in the last quarter. Finally, TIAA Trust National Association boosted its holdings in Cintas by 1.2% during the second quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock worth $954,000 after purchasing an additional 16 shares during the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Insider Activity

In related news, Director Gerald S. Adolph sold 4,400 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total value of $842,292.00. Following the sale, the director now owns 125,808 shares in the company, valued at $24,083,425.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 15.10% of the company’s stock.

Cintas Price Performance

Shares of NASDAQ CTAS opened at $203.77 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74. Cintas Co. has a fifty-two week low of $118.68 and a fifty-two week high of $209.12. The stock has a market cap of $20.68 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 4.36 and a beta of 1.32. The stock has a fifty day moving average of $205.34 and a 200-day moving average of $181.68.

Cintas (NASDAQ:CTAS) last posted its earnings results on Thursday, July 18th. The business services provider reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the previous year, the firm earned $0.83 EPS. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. Equities research analysts anticipate that Cintas Co. will post 16.64 earnings per share for the current year.

Cintas announced that its Board of Directors has initiated a share buyback plan on Tuesday, July 23rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows 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 management believes its stock is undervalued.

Cintas Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s payout ratio is 10.77%.

Analysts Set New Price Targets

CTAS has been the topic of several recent analyst reports. UBS Group lifted their target price on shares of Cintas from $197.50 to $218.50 and gave the stock a “buy” rating in a research report on Friday, July 19th. Barclays reduced their price objective on Cintas from $850.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. Stifel Nicolaus lifted their target price on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a research note on Friday, July 19th. Truist Financial increased their price target on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, StockNews.com raised shares of Cintas from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $186.30.

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.