Bank of America Corp DE Makes New $447.88 Million Investment in Jabil, Inc. $JBL

Key Points

• Bank of America acquired 1.16 million Jabil shares worth approximately $447.9 million in the second quarter, representing about 1.11% of the company. Institutional investors collectively own 93.39% of Jabil.
• Jabil exceeded quarterly expectations, reporting adjusted earnings of $3.16 per share and $8.75 billion in revenue, with revenue up 11.8% year over year.
• Analysts maintain a favorable outlook, with the stock carrying a consensus “Buy” rating and an average price target of $441.78; Jabil also pays a quarterly dividend of $0.08 per share.

Bank of America Corp DE bought a new stake in shares of Jabil, Inc. (NYSE:JBL - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,161,880 shares of the technology company's stock, valued at approximately $447,882,000. Bank of America Corp DE owned about 1.11% of Jabil as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Praesidium Investment Management Company LLC bought a new stake in Jabil during the second quarter valued at approximately $25,312,159. Caisse de depot et placement du Quebec bought a new stake in Jabil during the second quarter valued at about $5,150,000. Man Group plc bought a new stake in Jabil during the 2nd quarter valued at approximately $57,234,000. Western Wealth Management LLC bought a new stake in shares of Jabil during the second quarter valued at approximately $1,739,000. Finally, Jupiter Topco LLC purchased a new stake in Jabil in the 2nd quarter worth $225,364,000. Institutional investors own 93.39% of the company's stock.

Insider Activity

In other Jabil news, EVP Matthew Crowley sold 94 shares of Jabil stock in a transaction on Monday, July 6th. The stock was sold at an average price of $345.00, for a total value of $32,430.00. Following the sale, the executive vice president owned 57,536 shares in the company, valued at $19,849,920. The trade was a 0.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.35% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on JBL shares. Argus set a $475.00 price target on shares of Jabil in a research note on Thursday, June 18th. Raymond James Financial upped their price objective on Jabil from $425.00 to $450.00 and gave the company a "strong-buy" rating in a research report on Thursday, June 18th. Zacks Research lowered shares of Jabil from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 17th. Bank of America restated a "buy" rating and issued a $470.00 price objective on shares of Jabil in a report on Thursday, June 18th. Finally, Stifel Nicolaus set a $460.00 price objective on shares of Jabil and gave the stock a "buy" rating in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $441.78.

Jabil Price Performance

Shares of JBL opened at $295.99 on Wednesday. The company has a market capitalization of $31.02 billion, a P/E ratio of 36.95, a P/E/G ratio of 0.67 and a beta of 1.29. Jabil, Inc. has a fifty-two week low of $189.60 and a fifty-two week high of $428.93. The business's 50-day moving average is $320.29 and its two-hundred day moving average is $321.70. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.66 and a current ratio of 0.98.

Jabil (NYSE:JBL - Get Free Report) last issued its quarterly earnings data on Wednesday, June 17th. The technology company reported $3.16 earnings per share for the quarter, topping analysts' consensus estimates of $3.10 by $0.06. Jabil had a net margin of 2.57% and a return on equity of 83.93%. The business had revenue of $8.75 billion during the quarter, compared to the consensus estimate of $8.61 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. The company's revenue was up 11.8% compared to the same quarter last year. Research analysts predict that Jabil, Inc. will post 11.71 earnings per share for the current year.

Jabil Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Friday, August 14th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.1%. The ex-dividend date was Friday, August 14th. Jabil's dividend payout ratio (DPR) is presently 4.00%.

Jabil Company Profile

Jabil Inc is a global manufacturing and technology solutions provider that helps companies design, manufacture and manage products across their lifecycles. Its services include product and process engineering, supply-chain management, procurement, manufacturing, assembly, testing, packaging and aftermarket services.

The company supports customers in a range of industries, including cloud and data infrastructure, automotive, healthcare, connected devices, consumer products, energy and industrial applications.

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