Cintas (NASDAQ:CTAS) Issues FY24 Earnings Guidance

Cintas (NASDAQ:CTAS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $14.80-15.00 for the period, compared to the consensus EPS 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 Price Performance

Shares of NASDAQ CTAS opened at $687.03 on Friday. Cintas has a fifty-two week low of $438.59 and a fifty-two week high of $704.84. The firm’s 50-day simple moving average is $620.99 and its 200 day simple moving average is $567.53. 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 stock has a market cap of $69.64 billion, a P/E ratio of 47.45, a P/E/G ratio of 3.85 and a beta of 1.27.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, March 27th. The business services provider reported $3.84 earnings per share for the quarter, beating analysts’ consensus estimates of $3.58 by $0.26. Cintas had a net margin of 15.98% and a return on equity of 37.19%. The business had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the previous year, the business earned $3.14 earnings per share. The company’s revenue was up 9.9% on a year-over-year basis. Equities analysts expect that Cintas will post 15.05 EPS for the current year.

Cintas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 15th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date was Wednesday, February 14th. Cintas’s dividend payout ratio is currently 37.29%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CTAS shares. Stifel Nicolaus boosted their price target on shares of Cintas from $526.00 to $585.00 and gave the stock a hold rating in a research report on Friday, December 22nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Cintas from $629.00 to $726.00 and gave the stock a hold rating in a research report on Thursday. Truist Financial boosted their price target on shares of Cintas from $660.00 to $775.00 and gave the stock a buy rating in a research report on Thursday. Bank of America boosted their price target on shares of Cintas from $700.00 to $790.00 and gave the stock a buy rating in a research report on Thursday. Finally, Barclays boosted their price target on shares of Cintas from $630.00 to $700.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $649.60.

Institutional Investors Weigh In On Cintas

Several institutional investors have recently made changes to their positions in CTAS. Raymond James Trust N.A. lifted its holdings in shares of Cintas by 10.6% during the 1st quarter. Raymond James Trust N.A. now owns 740 shares of the business services provider’s stock valued at $314,000 after buying an additional 71 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in Cintas by 16.8% in the 1st quarter. Baird Financial Group Inc. now owns 17,643 shares of the business services provider’s stock worth $7,505,000 after purchasing an additional 2,541 shares during the last quarter. Covestor Ltd lifted its holdings in Cintas by 84.7% in the 1st quarter. Covestor Ltd now owns 327 shares of the business services provider’s stock worth $139,000 after purchasing an additional 150 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Cintas by 9.3% in the 1st quarter. Mackenzie Financial Corp now owns 7,073 shares of the business services provider’s stock worth $3,009,000 after purchasing an additional 604 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its holdings in Cintas by 19.8% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 24,472 shares of the business services provider’s stock worth $10,410,000 after purchasing an additional 4,037 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

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.