ProVise Management Group LLC Buys 2,006 Shares of Genuine Parts Company (NYSE:GPC)

Key Points

• ProVise Management Group LLC increased its holdings in Genuine Parts Company by 10.3%, acquiring an additional 2,006 shares, bringing its total to 21,543 shares valued at $2,567,000.
• The Genuine Parts Company reported Q2 earnings of $2.10 per share, exceeding expectations, with a revenue of $6.16 billion, reflecting a 3.4% year-over-year growth.
• Wall Street analysts have varied ratings for Genuine Parts, with a consensus rating of "Hold" and target prices ranging from $135.29 to $145.00.

ProVise Management Group LLC lifted its stake in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,543 shares of the specialty retailer's stock after buying an additional 2,006 shares during the period. ProVise Management Group LLC's holdings in Genuine Parts were worth $2,567,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Rossby Financial LCC purchased a new position in Genuine Parts during the 1st quarter worth $25,000. Olde Wealth Management LLC bought a new position in shares of Genuine Parts during the first quarter valued at about $27,000. North Capital Inc. purchased a new position in Genuine Parts during the first quarter worth about $28,000. Aster Capital Management DIFC Ltd purchased a new position in Genuine Parts during the fourth quarter worth about $33,000. Finally, Investors Research Corp grew its position in Genuine Parts by 75.3% in the 1st quarter. Investors Research Corp now owns 291 shares of the specialty retailer's stock worth $35,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 78.83% of the company's stock.

Genuine Parts Stock Performance

NYSE:GPC opened at $128.78 on Friday. The company has a market capitalization of $17.91 billion, a P/E ratio of 22.16 and a beta of 0.74. The business has a fifty day simple moving average of $125.32 and a two-hundred day simple moving average of $121.55. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.14 and a quick ratio of 0.51. Genuine Parts Company has a 1 year low of $104.01 and a 1 year high of $149.22.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.02. Genuine Parts had a return on equity of 22.41% and a net margin of 3.40%. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter in the prior year, the company earned $2.44 EPS. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. On average, analysts expect that Genuine Parts Company will post 7.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GPC shares. Truist Financial lifted their target price on shares of Genuine Parts from $137.00 to $143.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Argus upgraded Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. JPMorgan Chase & Co. boosted their price objective on Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. UBS Group raised their target price on Genuine Parts from $125.00 to $135.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Wall Street Zen cut Genuine Parts from a "buy" rating to a "hold" rating in a research note on Saturday, April 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $135.29.

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.

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