Deutsche Bank AG trimmed its holdings in Jabil Inc. (NYSE:JBL) by 41.7% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 36,695 shares of the technology company’s stock after selling 26,293 shares during the quarter. Deutsche Bank AG’s holdings in Jabil were worth $2,133,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eaton Vance Management bought a new stake in Jabil in the 1st quarter worth about $94,000. Deseret Mutual Benefit Administrators bought a new stake in Jabil in the 2nd quarter worth about $115,000. IFP Advisors Inc increased its holdings in Jabil by 90.6% in the 2nd quarter. IFP Advisors Inc now owns 2,646 shares of the technology company’s stock worth $155,000 after buying an additional 1,258 shares in the last quarter. Baker Tilly Wealth Management LLC purchased a new position in Jabil in the first quarter worth about $214,000. Finally, Pinnacle Wealth Planning Services Inc. purchased a new position in Jabil in the second quarter worth about $220,000. Institutional investors own 88.93% of the company’s stock.
Several research analysts have issued reports on JBL shares. Stifel Nicolaus raised Jabil from a “hold” rating to a “buy” rating and raised their target price for the stock from $63.00 to $68.00 in a research report on Thursday, September 30th. Zacks Investment Research raised Jabil from a “hold” rating to a “strong-buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, June 22nd. Raymond James raised their target price on Jabil from $66.00 to $70.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 30th. lifted their price objective on Jabil from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, June 18th. Finally, Citigroup lifted their price objective on Jabil from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, September 30th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $64.22.
Jabil (NYSE:JBL) last posted its quarterly earnings results on Tuesday, September 28th. The technology company reported $1.44 EPS for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.06. Jabil had a return on equity of 29.25% and a net margin of 2.02%. The company had revenue of $7.40 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same period in the previous year, the firm earned $0.44 EPS. The firm’s revenue was up 1.4% compared to the same quarter last year. On average, analysts forecast that Jabil Inc. will post 4.57 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 2nd. Investors of record on Friday, August 13th were issued a $0.08 dividend. The ex-dividend date was Thursday, August 12th. This represents a $0.32 dividend on an annualized basis and a yield of 0.52%. Jabil’s dividend payout ratio is presently 91.43%.
Jabil declared that its board has authorized a stock buyback plan on Friday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 11.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other Jabil news, CEO Michael J. Loparco sold 1,000 shares of Jabil stock in a transaction that occurred on Monday, October 11th. The stock was sold at an average price of $64.00, for a total value of $64,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Michael Dastoor sold 4,485 shares of Jabil stock in a transaction that occurred on Monday, August 30th. The stock was sold at an average price of $62.43, for a total value of $279,998.55. Following the completion of the sale, the chief financial officer now directly owns 263,042 shares in the company, valued at approximately $16,421,712.06. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,581 shares of company stock worth $5,843,840. 2.81% of the stock is owned by insiders.
Jabil Company Profile
Jabil, Inc engages in the provision of electronic manufacturing services and solutions. It offers electronics design, production, product management, and repair services to companies in the automotive and transportation, capital equipment, consumer lifestyles and wearable technologies, computing and storage, defense and aerospace, digital home, healthcare, industrial and energy, mobility, networking and telecommunications, packaging, point of sale, and printing industries.
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