CIBC Private Wealth Group LLC Sells 10,529 Shares of Genuine Parts (NYSE:GPC)

CIBC Private Wealth Group LLC reduced its position in shares of Genuine Parts (NYSE:GPC) by 34.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,078 shares of the specialty retailer’s stock after selling 10,529 shares during the period. CIBC Private Wealth Group LLC’s holdings in Genuine Parts were worth $2,340,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. RWA Wealth Partners LLC lifted its position in shares of Genuine Parts by 13.7% during the 4th quarter. RWA Wealth Partners LLC now owns 2,751 shares of the specialty retailer’s stock worth $321,000 after buying an additional 332 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of Genuine Parts by 13.0% in the fourth quarter. Schroder Investment Management Group now owns 11,105 shares of the specialty retailer’s stock worth $1,286,000 after acquiring an additional 1,274 shares during the last quarter. Transamerica Financial Advisors Inc. lifted its holdings in shares of Genuine Parts by 13.1% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 6,407 shares of the specialty retailer’s stock worth $749,000 after acquiring an additional 741 shares during the last quarter. Allstate Corp acquired a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $487,000. Finally, DnB Asset Management AS increased its position in Genuine Parts by 4.0% during the 4th quarter. DnB Asset Management AS now owns 24,509 shares of the specialty retailer’s stock worth $2,862,000 after purchasing an additional 936 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Loop Capital assumed coverage on shares of Genuine Parts in a research note on Thursday, January 16th. They set a “buy” rating and a $155.00 target price on the stock. Northcoast Research lowered Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Truist Financial increased their target price on Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Evercore ISI lifted their price target on Genuine Parts from $125.00 to $128.00 and gave the company an “in-line” rating in a research note on Tuesday. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $114.00 price objective (down previously from $133.00) on shares of Genuine Parts in a research note on Tuesday. One analyst has rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $135.00.

Genuine Parts Price Performance

Genuine Parts stock opened at $120.17 on Thursday. The stock’s 50 day moving average is $121.16 and its 200 day moving average is $123.72. Genuine Parts has a one year low of $112.74 and a one year high of $164.45. The firm has a market cap of $16.68 billion, a P/E ratio of 18.57 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The firm had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the previous year, the company earned $2.26 EPS. As a group, research analysts expect that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th were issued a dividend of $1.03 per share. This is an increase from Genuine Parts’s previous quarterly dividend of $1.00. This represents a $4.12 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend was Friday, March 7th. Genuine Parts’s dividend payout ratio (DPR) is presently 63.68%.

Genuine Parts Company 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.