Cintas (NASDAQ:CTAS) Updates FY24 Earnings Guidance

Cintas (NASDAQ:CTAS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $14.80-15.00 for the period, compared to the consensus earnings per share estimate of $14.59. The company issued revenue guidance of $9.57-9.60 billion, compared to the consensus revenue estimate of $9.56 billion. Cintas also updated its FY 2024 guidance to 14.800-15.000 EPS.

Cintas Stock Up 0.2 %

Shares of NASDAQ:CTAS opened at $687.03 on Friday. The stock has a market cap of $69.64 billion, a price-to-earnings ratio of 47.45, a price-to-earnings-growth ratio of 3.85 and a beta of 1.27. Cintas has a fifty-two week low of $438.59 and a fifty-two week high of $704.84. The company has a quick ratio of 1.89, a current ratio of 2.38 and a debt-to-equity ratio of 0.58. The firm’s 50 day moving average price is $622.88 and its 200 day moving average price is $568.36.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Wednesday, March 27th. The business services provider reported $3.84 EPS for the quarter, beating the consensus estimate of $3.58 by $0.26. The company had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.39 billion. Cintas had a net margin of 15.98% and a return on equity of 37.19%. The firm’s revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.14 earnings per share. As a group, equities research analysts predict that Cintas will post 15.05 earnings per share for the current fiscal year.

Cintas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 15th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 0.79%. Cintas’s dividend payout ratio (DPR) is presently 37.29%.

Wall Street Analyst Weigh In

CTAS has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Cintas from $540.00 to $640.00 and gave the company an overweight rating in a research report on Friday, December 22nd. Royal Bank of Canada lifted their price objective on shares of Cintas from $675.00 to $725.00 and gave the company an outperform rating in a research report on Thursday. Barclays lifted their price objective on shares of Cintas from $630.00 to $700.00 and gave the company an overweight rating in a research report on Thursday, February 29th. Bank of America raised their target price on Cintas from $700.00 to $790.00 and gave the company a buy rating in a report on Thursday. Finally, StockNews.com raised Cintas from a hold rating to a buy rating in a report on Monday, March 25th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $649.60.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CTAS. Raymond James Trust N.A. grew its stake in shares of Cintas by 10.6% in the first quarter. Raymond James Trust N.A. now owns 740 shares of the business services provider’s stock worth $314,000 after purchasing an additional 71 shares in the last quarter. Baird Financial Group Inc. boosted its stake in Cintas by 16.8% during the first quarter. Baird Financial Group Inc. now owns 17,643 shares of the business services provider’s stock valued at $7,505,000 after buying an additional 2,541 shares in the last quarter. Covestor Ltd boosted its stake in Cintas by 84.7% during the first quarter. Covestor Ltd now owns 327 shares of the business services provider’s stock valued at $139,000 after buying an additional 150 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Cintas by 9.3% during the first quarter. Mackenzie Financial Corp now owns 7,073 shares of the business services provider’s stock valued at $3,009,000 after buying an additional 604 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its stake in Cintas by 19.8% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 24,472 shares of the business services provider’s stock valued at $10,410,000 after buying an additional 4,037 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors.

About Cintas

Cintas Corporation provides 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.