Independent Franchise Partners LLP Buys 676,473 Shares of Rentokil Initial PLC $RTO

Independent Franchise Partners LLP raised its stake in shares of Rentokil Initial PLC (NYSE:RTO) by 662.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 778,628 shares of the company’s stock after buying an additional 676,473 shares during the period. Rentokil Initial comprises approximately 0.1% of Independent Franchise Partners LLP’s holdings, making the stock its 29th largest position. Independent Franchise Partners LLP’s holdings in Rentokil Initial were worth $19,660,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of RTO. Smartleaf Asset Management LLC boosted its stake in shares of Rentokil Initial by 171.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,726 shares of the company’s stock worth $43,000 after buying an additional 1,089 shares during the last quarter. Russell Investments Group Ltd. increased its position in Rentokil Initial by 40.0% during the second quarter. Russell Investments Group Ltd. now owns 4,582 shares of the company’s stock valued at $110,000 after acquiring an additional 1,309 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Rentokil Initial by 88.2% during the second quarter. PNC Financial Services Group Inc. now owns 4,723 shares of the company’s stock valued at $113,000 after acquiring an additional 2,213 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Rentokil Initial by 24.3% in the third quarter. Versant Capital Management Inc now owns 6,914 shares of the company’s stock valued at $175,000 after acquiring an additional 1,352 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in Rentokil Initial by 122.9% in the second quarter. Advisors Asset Management Inc. now owns 7,610 shares of the company’s stock valued at $183,000 after acquiring an additional 4,196 shares during the period. 9.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RTO. Oppenheimer boosted their price target on Rentokil Initial from $30.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Rentokil Initial in a research note on Thursday, January 22nd. Bank of America upgraded shares of Rentokil Initial from a “neutral” rating to a “buy” rating and set a $34.00 target price for the company in a research report on Thursday, December 18th. Deutsche Bank Aktiengesellschaft cut shares of Rentokil Initial from a “buy” rating to a “hold” rating in a report on Tuesday, February 24th. Finally, Rothschild & Co Redburn upgraded shares of Rentokil Initial from a “sell” rating to a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.50.

Rentokil Initial Trading Down 0.8%

Shares of RTO opened at $32.33 on Friday. The business has a 50-day simple moving average of $31.56 and a two-hundred day simple moving average of $28.59. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.03 and a current ratio of 1.12. Rentokil Initial PLC has a 52 week low of $19.60 and a 52 week high of $33.47.

Rentokil Initial Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Tuesday, May 19th. Investors of record on Friday, April 10th will be paid a dividend of $0.412 per share. The ex-dividend date is Friday, April 10th. This represents a dividend yield of 266.0%.

About Rentokil Initial

Rentokil Initial PLC is a global business services company specializing in pest control, hygiene and workwear services. Headquartered in Crawley, West Sussex, United Kingdom, the company delivers outsourced solutions designed to protect people, preserve assets and enhance workplaces for both commercial and residential customers.

Under the Rentokil Pest Control brand, the company offers services ranging from routine inspections and treatment of insects, rodents and birds to specialised programmes for food manufacturing and healthcare environments.