Pictet North America Advisors SA Buys 1,335 Shares of Cintas Co. (NASDAQ:CTAS)

Pictet North America Advisors SA boosted its stake in shares of Cintas Co. (NASDAQ:CTAS) by 300.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,780 shares of the business services provider’s stock after purchasing an additional 1,335 shares during the quarter. Pictet North America Advisors SA’s holdings in Cintas were worth $366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC lifted its holdings in shares of Cintas by 0.9% during the 2nd 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 during the last quarter. Axxcess Wealth Management LLC boosted its holdings in Cintas by 0.5% in the second 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 grew its stake in shares of Cintas by 25.0% during the second quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock worth $53,000 after acquiring an additional 15 shares during the last quarter. Drive Wealth Management LLC raised its position in shares of Cintas by 3.7% in the 2nd 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 during the last quarter. Finally, TIAA Trust National Association boosted its stake in Cintas by 1.2% in the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Price Performance

Shares of Cintas stock opened at $211.54 on Wednesday. The firm has a market cap of $21.46 billion, a PE ratio of 14.61, a P/E/G ratio of 4.12 and a beta of 1.32. Cintas Co. has a twelve month low of $123.65 and a twelve month high of $215.37. 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 business has a 50-day moving average price of $215.48 and a 200 day moving average price of $189.75.

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

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Jefferies Financial Group cut their price target on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th. Redburn Atlantic began coverage on Cintas in a research note on Friday, August 9th. They issued a “neutral” rating and a $167.50 target price for the company. Robert W. Baird lifted their price target on Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. The Goldman Sachs Group increased their price objective on Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Stifel Nicolaus lifted their target price on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a report on Friday, July 19th. Two 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $199.63.

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.