Jensen Investment Management Inc. Decreases Stake in Genuine Parts Company $GPC

Jensen Investment Management Inc. cut its holdings in shares of Genuine Parts Company (NYSE:GPC) by 89.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,674 shares of the specialty retailer’s stock after selling 23,930 shares during the quarter. Jensen Investment Management Inc.’s holdings in Genuine Parts were worth $371,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Genuine Parts by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 17,309,178 shares of the specialty retailer’s stock worth $2,099,776,000 after purchasing an additional 260,787 shares in the last quarter. State Street Corp increased its holdings in shares of Genuine Parts by 0.9% in the second quarter. State Street Corp now owns 7,797,180 shares of the specialty retailer’s stock valued at $953,779,000 after purchasing an additional 73,361 shares during the last quarter. Geode Capital Management LLC lifted its position in Genuine Parts by 1.2% during the second quarter. Geode Capital Management LLC now owns 3,511,008 shares of the specialty retailer’s stock worth $424,367,000 after buying an additional 40,970 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Genuine Parts by 2.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,080,251 shares of the specialty retailer’s stock worth $373,425,000 after buying an additional 70,668 shares during the last quarter. Finally, Norges Bank purchased a new stake in Genuine Parts in the 2nd quarter valued at $211,661,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Price Performance

Shares of GPC opened at $146.55 on Wednesday. The firm has a 50-day simple moving average of $132.30 and a two-hundred day simple moving average of $133.21. The stock has a market cap of $20.39 billion, a PE ratio of 25.22 and a beta of 0.74. Genuine Parts Company has a 1-year low of $104.01 and a 1-year high of $149.27. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.14 and a quick ratio of 0.51.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Friday, December 5th were given a $1.03 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $4.12 dividend on an annualized basis and a yield of 2.8%. Genuine Parts’s payout ratio is presently 70.91%.

Wall Street Analyst Weigh In

GPC has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Genuine Parts from $145.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of Genuine Parts in a research report on Monday, December 29th. UBS Group reaffirmed a “neutral” rating on shares of Genuine Parts in a research note on Wednesday. The Goldman Sachs Group raised shares of Genuine Parts from a “sell” rating to a “neutral” rating and increased their price target for the company from $130.00 to $142.00 in a research note on Thursday, November 13th. Finally, Truist Financial raised their price target on shares of Genuine Parts from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $149.00.

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.