Adage Capital Partners GP L.L.C. Makes New Investment in Genuine Parts (NYSE:GPC)

Adage Capital Partners GP L.L.C. bought a new position in shares of Genuine Parts (NYSE:GPC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 93,315 shares of the specialty retailer's stock, valued at approximately $10,895,000. Adage Capital Partners GP L.L.C. owned 0.07% of Genuine Parts at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of GPC. Millstone Evans Group LLC purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $25,000. Kestra Investment Management LLC purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $28,000. First Command Advisory Services Inc. purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $28,000. Compass Planning Associates Inc purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $29,000. Finally, Synergy Asset Management LLC purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $32,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GPC shares. Truist Financial boosted their price target on shares of Genuine Parts from $133.00 to $137.00 and gave the company a "buy" rating in a research note on Thursday. StockNews.com downgraded shares of Genuine Parts from a "buy" rating to a "hold" rating in a research note on Saturday. Evercore ISI cut their target price on shares of Genuine Parts from $135.00 to $130.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. The Goldman Sachs Group reaffirmed a "sell" rating and set a $114.00 target price (down from $133.00) on shares of Genuine Parts in a research note on Tuesday, April 1st. Finally, Loop Capital initiated 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $130.86.

Genuine Parts Stock Down 0.4 %

Shares of NYSE GPC opened at $116.62 on Monday. The company has a market capitalization of $16.19 billion, a price-to-earnings ratio of 18.02 and a beta of 0.82. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. The business has a 50-day moving average of $118.98 and a two-hundred day moving average of $120.54. Genuine Parts has a 1 year low of $104.01 and a 1 year high of $162.06.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.66 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.83 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. On average, analysts forecast that Genuine Parts will post 7.9 earnings per share for the current fiscal 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 represents a $4.12 dividend on an annualized basis and a yield of 3.53%. This is an increase from Genuine Parts's previous quarterly dividend of $1.00. The ex-dividend date was Friday, March 7th. Genuine Parts's payout ratio is 67.65%.

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.

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