Cintas boosts dividend rate by 10%, changes payout policy to quarterly from annual

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Cintas Corp. announced Tuesday a new annual dividend rate of $2.81 share, up 10.2% from its previous dividend rate, and said it is changing its payout policy to a quarterly dividend from one annual payout. The uniform maker declared a 70-cent quarterly dividend, payable Dec. 4 to shareholders of record on Nov. 6. Based on Monday’s stock closing price of $328.93, the new annual dividend rate implies a yield of 0.85%, compared with the implied dividend yield for the S&P 500 of 1.70%. The stock, which was still inactive in premarket trading, has climbed 22.2% year to date, while the S&P 500 has gained 5.3%.
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