Cibc World Market Inc. Makes New Investment in Genuine Parts Company $GPC

Key Points

• CIBC World Market initiated a position in Genuine Parts, purchasing 22,124 shares valued at approximately $2.61 million. Institutional investors collectively own 78.83% of the company.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $147.86; DA Davidson raised its target to $170 and issued a buy rating.
• Genuine Parts exceeded quarterly expectations with $2.15 in earnings per share and $6.54 billion in revenue, while announcing a quarterly dividend of $1.0625 per share, equivalent to a 3.0% annual yield.

Cibc World Market Inc. purchased a new position in shares of Genuine Parts Company (NYSE:GPC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 22,124 shares of the specialty retailer's stock, valued at approximately $2,610,000.

Several other large investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Genuine Parts by 3.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,717 shares of the specialty retailer's stock worth $2,111,000 after purchasing an additional 671 shares during the last quarter. Woodline Partners LP lifted its holdings in shares of Genuine Parts by 40.7% during the first quarter. Woodline Partners LP now owns 11,746 shares of the specialty retailer's stock worth $1,399,000 after purchasing an additional 3,396 shares during the period. EverSource Wealth Advisors LLC boosted its position in Genuine Parts by 15.8% in the second quarter. EverSource Wealth Advisors LLC now owns 1,005 shares of the specialty retailer's stock valued at $122,000 after buying an additional 137 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Genuine Parts by 5.6% in the second quarter. Daiwa Securities Group Inc. now owns 24,954 shares of the specialty retailer's stock valued at $3,027,000 after buying an additional 1,323 shares during the last quarter. Finally, AXA S.A. increased its holdings in Genuine Parts by 37.2% in the 2nd quarter. AXA S.A. now owns 51,292 shares of the specialty retailer's stock worth $6,222,000 after buying an additional 13,898 shares during the period. Hedge funds and other institutional investors own 78.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Evercore reissued an "outperform" rating on shares of Genuine Parts in a research report on Wednesday, July 22nd. Zacks Research raised shares of Genuine Parts from a "strong sell" rating to a "hold" rating in a report on Monday, May 25th. Truist Financial increased their price objective on shares of Genuine Parts from $124.00 to $126.00 and gave the stock a "hold" rating in a research note on Wednesday, July 22nd. Weiss Ratings reissued a "hold (c-)" rating on shares of Genuine Parts in a report on Wednesday, June 24th. Finally, DA Davidson boosted their target price on shares of Genuine Parts from $150.00 to $170.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Genuine Parts has a consensus rating of "Moderate Buy" and a consensus price target of $147.86.

Genuine Parts Stock Up 1.0%

Genuine Parts stock opened at $139.37 on Thursday. The firm has a market cap of $19.21 billion, a price-to-earnings ratio of 557.48 and a beta of 0.63. Genuine Parts Company has a 52 week low of $90.78 and a 52 week high of $151.57. The business's 50-day moving average price is $125.95 and its 200 day moving average price is $114.99. The company has a quick ratio of 0.50, a current ratio of 1.16 and a debt-to-equity ratio of 0.88.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The specialty retailer reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.07. Genuine Parts had a return on equity of 22.59% and a net margin of 0.13%.The company had revenue of $6.54 billion during the quarter, compared to analysts' expectations of $6.43 billion. During the same period last year, the business earned $2.10 earnings per share. Genuine Parts's quarterly revenue was up 6.0% on a year-over-year basis. Genuine Parts has set its FY 2026 guidance at 7.500-8.000 EPS. As a group, sell-side analysts anticipate that Genuine Parts Company will post 7.73 earnings per share for the current year.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 4th will be issued a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 4th. Genuine Parts's payout ratio is 1,700.00%.

Genuine Parts Company Profile

Genuine Parts Company NYSE: GPC is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.

Want to see what other hedge funds are holding GPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genuine Parts Company (NYSE:GPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source