Westfield Capital Management Co. LP has significantly increased its investment in O’Reilly Automotive, Inc. (NASDAQ: ORLY) by 33.4% during the third quarter of 2023. According to its most recent 13F filing with the U.S. Securities and Exchange Commission, Westfield now holds 817,026 shares of the specialty retailer, having acquired an additional 204,637 shares in that period. This investment amounts to approximately $88,084,000, representing about 0.10% ownership in O’Reilly.
Other institutional investors have also made notable adjustments to their positions in O’Reilly Automotive. The Vanguard Group Inc. increased its stake by 0.6% during the same quarter, now owning 79,271,530 shares valued at approximately $8.54 billion. State Street Corp made a substantial move, raising its holdings by an impressive 1,424.2%, now possessing 37,179,783 shares worth around $3.35 billion. Geode Capital Management LLC also saw a dramatic increase in its position, lifting its stake by 1,443.1%, resulting in ownership of 23,679,108 shares valued at about $2.13 billion.
Bank of New York Mellon Corp and Jennison Associates LLC have also expanded their stakes in O’Reilly Automotive. Bank of New York Mellon boosted its holdings by 1,317.8%, now holding 17,651,104 shares worth $1.59 billion. Jennison Associates increased its position by a staggering 1,820.9%, owning 14,116,976 shares valued at approximately $1.27 billion. Overall, hedge funds and other institutional investors control around 85% of O’Reilly Automotive’s stock.
Stock Performance and Analyst Ratings
As of the latest trading session, O’Reilly Automotive shares opened at $91.44. The company boasts a market capitalization of $77.18 billion, a price-to-earnings ratio of 30.86, and a price-to-earnings-growth ratio of 2.11. The stock has fluctuated within a one-year range of $85.55 to $108.71, with a 50-day moving average of $94.38 and a 200-day moving average of $98.63.
Analysts have recently expressed varied opinions on O’Reilly’s stock. In a January 28, 2024 report, Weiss Ratings reaffirmed a “buy (b-)” rating for the shares. Wolfe Research upgraded the stock from a “hold” to a “strong-buy” rating on December 22, 2023. Meanwhile, Robert W. Baird downgraded the stock from “outperform” to “neutral,” setting a price target of $96.00 on February 6, 2024. DA Davidson maintained a “buy” rating with a target price of $110.00, while UBS Group set a price target of $114.00 on the same date.
Currently, O’Reilly Automotive holds a consensus rating of “Moderate Buy,” with the average target price sitting at approximately $110.26 according to MarketBeat.com. Among analysts, one has rated the stock as a Strong Buy, eighteen have assigned a Buy rating, and two have issued a Hold rating.
About O’Reilly Automotive
O’Reilly Automotive, Inc. is a prominent retailer and distributor in the automotive aftermarket, offering a wide range of parts, tools, supplies, and accessories tailored for both professional service providers and do-it-yourself (DIY) customers. The company’s extensive product lineup includes replacement parts, maintenance items, performance parts, collision components, and shop equipment, alongside diagnostic tools, batteries, chemicals, and consumables.
O’Reilly serves its customers through company-operated retail stores, commercial sales programs for repair shops and maintenance fleets, and digital channels that facilitate parts lookup, ordering, and fulfillment. The company has developed a robust supply chain, featuring regional distribution centers that ensure rapid replenishment of store inventory and efficient commercial deliveries.
Investors and analysts continue to monitor O’Reilly Automotive as it navigates a competitive market landscape, demonstrating resilience and growth potential in the automotive sector.
