FY2023 EPS Estimates for Genuine Parts (NYSE:GPC) Boosted by Wedbush

Posted by Defense World Staff on Jun 23rd, 2023

Genuine Parts (NYSE:GPC – Get Rating) – Wedbush upped their FY2023 earnings estimates for shares of Genuine Parts in a research report issued to clients and investors on Wednesday, June 21st. Wedbush analyst S. Basham now expects that the specialty retailer will earn $9.10 per share for the year, up from their prior forecast of $9.04. Wedbush has a “Neutral” rating and a $165.00 price objective on the stock. The consensus estimate for Genuine Parts’ current full-year earnings is $9.06 per share. Wedbush also issued estimates for Genuine Parts’ FY2024 earnings at $10.09 EPS and FY2025 earnings at $11.34 EPS.

GPC has been the topic of several other research reports. Truist Financial raised their target price on shares of Genuine Parts from $186.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, April 21st. The Goldman Sachs Group raised shares of Genuine Parts from a “sell” rating to a “neutral” rating and raised their target price for the company from $163.00 to $164.00 in a research note on Monday, May 1st. They noted that the move was a valuation call. Bank of America raised shares of Genuine Parts from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $185.00 to $189.00 in a research note on Thursday, June 1st. Finally, StockNews.com cut shares of Genuine Parts from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $178.25.

Genuine Parts Stock Up 0.0 %

Genuine Parts stock opened at $161.51 on Thursday. The stock has a market cap of $22.69 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 2.00 and a beta of 0.89. The company has a current ratio of 1.16, a quick ratio of 0.58 and a debt-to-equity ratio of 0.79. The company’s 50-day moving average price is $163.13 and its two-hundred day moving average price is $167.93. Genuine Parts has a 52 week low of $131.21 and a 52 week high of $187.73.

Genuine Parts (NYSE:GPC – Get Rating) last released its quarterly earnings data on Thursday, April 20th. The specialty retailer reported $2.14 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.11. Genuine Parts had a net margin of 5.50% and a return on equity of 32.53%. The business had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.68 billion. During the same quarter last year, the company earned $1.86 EPS. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year.

Institutional Investors Weigh In On Genuine Parts

A number of institutional investors have recently bought and sold shares of the business. EP Wealth Advisors LLC acquired a new stake in shares of Genuine Parts in the 1st quarter valued at $60,850,000. Envestnet Asset Management Inc. boosted its stake in shares of Genuine Parts by 388.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,241,510 shares of the specialty retailer’s stock valued at $119,159,000 after purchasing an additional 2,577,514 shares in the last quarter. Norges Bank acquired a new stake in shares of Genuine Parts in the 4th quarter valued at $239,384,000. Capital World Investors acquired a new stake in shares of Genuine Parts in the 1st quarter valued at $124,130,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Genuine Parts by 45.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,100,517 shares of the specialty retailer’s stock valued at $351,437,000 after purchasing an additional 656,655 shares in the last quarter. Institutional investors and hedge funds own 80.67% of the company’s stock.

Insider Activity

In related news, insider Randall P. Breaux bought 500 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were acquired at an average price of $149.44 per share, with a total value of $74,720.00. Following the completion of the transaction, the insider now owns 20,523 shares of the company’s stock, valued at approximately $3,066,957.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.39% of the company’s stock.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 2nd will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, June 1st. Genuine Parts’s dividend payout ratio is 43.53%.

About Genuine Parts

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Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates through 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 accessory and supply items used by various automotive aftermarket customers, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.