GPC - 1 Magnificent Dividend King Down 23% to Buy Right Now Near a Once-in-a-Decade Valuation
2024-07-05 03:25:00 ET
Genuine Parts (NYSE: GPC) has more than doubled the total return of the S&P 500 index since the turn of the century. However, since 2022, shares of the automotive and industrial parts leader have declined 23% as inflation ballooned and spending from manufacturers tightened.
So, has Genuine Parts -- a Dividend King with 68 consecutive years of dividend increases -- finally lost its way? Or is this dip in share price due to shorter-term cyclicality , providing investors with a long-term opportunity?
Here's why I'm thinking the latter.
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1 Magnificent Dividend King Down 23% to Buy Right Now Near a Once-in-a-Decade Valuation