Genuine Parts (NYSE:GPC) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its holdings in Genuine Parts (NYSE:GPC) by 6.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 82,330 shares of the specialty retailer’s stock after selling 5,882 shares during the period. Pictet Asset Management Holding SA owned about 0.06% of Genuine Parts worth $9,613,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Norges Bank bought a new position in shares of Genuine Parts during the fourth quarter valued at approximately $206,645,000. Equity Investment Corp acquired a new position in shares of Genuine Parts during the fourth quarter valued at $84,128,000. Raymond James Financial Inc. acquired a new position in shares of Genuine Parts during the fourth quarter valued at $57,407,000. State Street Corp increased its holdings in shares of Genuine Parts by 5.4% in the 3rd quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock worth $1,103,300,000 after acquiring an additional 401,180 shares during the period. Finally, Synovus Financial Corp increased its holdings in shares of Genuine Parts by 95.4% in the 3rd quarter. Synovus Financial Corp now owns 391,670 shares of the specialty retailer’s stock worth $54,708,000 after acquiring an additional 191,272 shares during the period. Institutional investors own 78.83% of the company’s stock.

Wall Street Analyst Weigh In

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

Genuine Parts Price Performance

Shares of Genuine Parts stock opened at $120.17 on Thursday. Genuine Parts has a 52 week low of $112.74 and a 52 week high of $164.45. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. The company’s 50-day moving average price is $121.16 and its two-hundred day moving average price is $123.72. The stock has a market cap of $16.68 billion, a PE ratio of 18.57 and a beta of 0.93.

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

Genuine Parts Increases Dividend

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

About Genuine Parts

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.