NewEdge Wealth LLC Purchases New Holdings in Genuine Parts (NYSE:GPC)

NewEdge Wealth LLC purchased a new stake in Genuine Parts (NYSE:GPC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,569 shares of the specialty retailer’s stock, valued at approximately $217,000.

A number of other hedge funds and other institutional investors have also modified their holdings of GPC. Vanguard Group Inc. grew its holdings in Genuine Parts by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock worth $2,153,442,000 after acquiring an additional 481,039 shares during the period. State Street Corp raised its position in shares of Genuine Parts by 2.4% during the 1st quarter. State Street Corp now owns 7,189,643 shares of the specialty retailer’s stock valued at $1,209,476,000 after acquiring an additional 171,000 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Genuine Parts by 4.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,860,574 shares of the specialty retailer’s stock valued at $612,531,000 after acquiring an additional 185,529 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Genuine Parts by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 2,977,671 shares of the specialty retailer’s stock valued at $497,089,000 after acquiring an additional 36,774 shares during the last quarter. Finally, Imprint Wealth LLC raised its position in shares of Genuine Parts by 16,507.5% during the 2nd quarter. Imprint Wealth LLC now owns 2,611,194 shares of the specialty retailer’s stock valued at $261,119,000 after acquiring an additional 2,595,471 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Insider Buying and Selling

In related news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the completion of the transaction, the director now directly owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.37% of the company’s stock.

Genuine Parts Price Performance

Shares of NYSE GPC opened at $160.23 on Friday. The firm has a market cap of $22.34 billion, a PE ratio of 17.17 and a beta of 0.94. The company has a current ratio of 1.23, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80. Genuine Parts has a 1-year low of $126.35 and a 1-year high of $174.91. The company has a fifty day moving average price of $149.92 and a 200 day moving average price of $142.22.

Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.06. The firm had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.14 EPS. Research analysts predict that Genuine Parts will post 9.76 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were paid a $1.00 dividend. The ex-dividend date was Thursday, February 29th. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 dividend on an annualized basis and a yield of 2.50%. Genuine Parts’s dividend payout ratio is presently 42.87%.

Analyst Ratings Changes

Several analysts have commented on the stock. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Evercore ISI dropped their target price on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating for the company in a research report on Tuesday. Truist Financial reiterated a “buy” rating and set a $167.00 target price on shares of Genuine Parts in a research report on Friday, April 12th. Finally, Wedbush reissued a “neutral” rating and issued a $140.00 price target on shares of Genuine Parts in a report on Friday, February 16th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $168.33.

Genuine Parts Profile

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.