Royal Bank of Canada Buys 164,618 Shares of Genuine Parts Company $GPC

Key Points

• Royal Bank of Canada increased its stake in Genuine Parts Company by 16.8%, now owning over 1.1 million shares valued at approximately $136.3 million.
• Institutional investors own 78.83% of Genuine Parts, with Goldman Sachs boosting its stake by 276.2% in the same quarter.
• Genuine Parts recently announced a quarterly dividend of $1.03 per share, equating to an annual yield of 3.0%.

Royal Bank of Canada raised its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 16.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,144,063 shares of the specialty retailer's stock after acquiring an additional 164,618 shares during the period. Royal Bank of Canada owned about 0.82% of Genuine Parts worth $136,303,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rossby Financial LCC bought a new stake in shares of Genuine Parts during the first quarter worth about $25,000. Olde Wealth Management LLC bought a new stake in shares of Genuine Parts during the first quarter worth about $27,000. North Capital Inc. bought a new stake in shares of Genuine Parts during the first quarter worth about $28,000. Investors Research Corp grew its holdings in shares of Genuine Parts by 75.3% during the first quarter. Investors Research Corp now owns 291 shares of the specialty retailer's stock worth $35,000 after purchasing an additional 125 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its holdings in shares of Genuine Parts by 7,950.0% during the first quarter. Golden State Wealth Management LLC now owns 322 shares of the specialty retailer's stock worth $38,000 after purchasing an additional 318 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. UBS Group lifted their price objective on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Loop Capital lifted their price objective on Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Evercore ISI lifted their price objective on Genuine Parts from $145.00 to $148.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 26th. Truist Financial lifted their price objective on Genuine Parts from $137.00 to $143.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. boosted their price target on Genuine Parts from $134.00 to $145.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $137.86.

Genuine Parts Stock Up 0.2%

Genuine Parts stock traded up $0.32 during trading on Monday, hitting $139.82. 175,192 shares of the company were exchanged, compared to its average volume of 1,385,421. The business's 50 day moving average is $132.23 and its 200 day moving average is $124.71. Genuine Parts Company has a 52 week low of $104.01 and a 52 week high of $144.29. The company has a market capitalization of $19.45 billion, a P/E ratio of 24.06 and a beta of 0.75. The company has a current ratio of 1.14, a quick ratio of 0.51 and a debt-to-equity ratio of 0.79.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.02. The business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.10 billion. Genuine Parts had a return on equity of 22.41% and a net margin of 3.40%.Genuine Parts's revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.44 earnings per share. Genuine Parts has set its FY 2025 guidance at 7.500-8.000 EPS. Analysts predict that Genuine Parts Company will post 7.9 earnings per share for the current year.

Genuine Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Friday, September 5th will be issued a dividend of $1.03 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.12 dividend on an annualized basis and a yield of 2.9%. Genuine Parts's dividend payout ratio is 70.91%.

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.