Wealthedge Investment Advisors LLC Buys New Stake in Genuine Parts (NYSE:GPC)

Wealthedge Investment Advisors LLC bought a new stake in Genuine Parts (NYSE:GPC) in the 4th quarter, Holdings Channel.com reports. The fund bought 2,015 shares of the specialty retailer’s stock, valued at approximately $235,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Millstone Evans Group LLC acquired a new position in shares of Genuine Parts in the fourth quarter worth $25,000. Kestra Investment Management LLC acquired a new position in shares of Genuine Parts in the fourth quarter worth $28,000. First Command Advisory Services Inc. acquired a new position in shares of Genuine Parts in the fourth quarter worth $28,000. Compass Planning Associates Inc acquired a new position in shares of Genuine Parts in the fourth quarter worth $29,000. Finally, Synergy Asset Management LLC acquired a new position in shares of Genuine Parts in the fourth quarter worth $32,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Down 1.1%

Shares of NYSE GPC opened at $125.88 on Thursday. The company has a market capitalization of $17.47 billion, a price-to-earnings ratio of 19.46 and a beta of 0.76. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. The business has a 50-day moving average of $118.62 and a two-hundred day moving average of $120.18. Genuine Parts has a 1 year low of $104.01 and a 1 year high of $149.22.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.83 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. On average, analysts forecast that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Friday, June 6th will be issued a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Friday, June 6th. Genuine Parts’s payout ratio is currently 67.65%.

Wall Street Analyst Weigh In

Several equities analysts have commented on GPC shares. Truist Financial boosted their price target on shares of Genuine Parts from $133.00 to $137.00 and gave the stock a “buy” rating in a research note on Thursday, April 24th. Evercore ISI dropped their price target on shares of Genuine Parts from $135.00 to $130.00 and set an “outperform” rating for the company in a research note on Wednesday, April 23rd. Wall Street Zen downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a research note on Saturday, April 26th. Argus upgraded shares of Genuine Parts to a “strong-buy” rating in a research note on Friday, April 25th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $114.00 price objective (down from $133.00) on shares of Genuine Parts in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $130.86.

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.