Cintas Corporation (CTAS) Shares Soar 1.44% to 2024 High

Cintas Corporation (CTAS) shares rose to their highest level since December 2024 today, with an intraday gain of 1.44%.

The strategy of buying CTAS shares after they reached a recent high and holding for 1 week resulted in a 24.52% total return over the past 5 years. This was driven by a strong 326.25% total return in the first year, followed by more modest annual returns of 26.05% and 11.2% in the subsequent years. The recent performance of CTAS exceeds that of its business services peers, which have seen a decline of about 0.5% over the same period. This indicates that CTAS has outperformed the broader sector and maintained its relative strength over the 5-year period.

Cintas Corporation's stock has recently surpassed the average analyst 12-month target price of $213.75, currently trading at $215. This achievement signals a bullish market sentiment and potential for further upward movement in the stock price.

Institutional investors have shown increased confidence in Cintas, with Schonfeld Strategic Advisors LLC and Balyasny Asset Management L.P. both significantly boosting their stakes in the company. Schonfeld's opening share price was $211.82, while Balyasny increased its position by 288.2% during the fourth quarter. This heightened institutional interest underscores the growing optimism surrounding Cintas Corporation's future prospects.