Todd Asset Management LLC Cuts Stock Position in Jabil, Inc. (NYSE:JBL)

Key Points

• Todd Asset Management LLC reduced its stake in Jabil, Inc. by 5.6% during the first quarter, owning 417,469 shares after selling 24,644 shares.
• Jabil reported $2.55 earnings per share (EPS) for the quarter, exceeding analysts' expectations of $2.28, and reported revenue of $7.83 billion, which was above the forecast of $7.03 billion.
• Several institutional investors, including JPMorgan Chase & Co. and Northern Trust Corp, increased their holdings in Jabil, reflecting growing interest in the company's performance.

Todd Asset Management LLC cut its holdings in Jabil, Inc. (NYSE:JBL - Free Report) by 5.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 417,469 shares of the technology company's stock after selling 24,644 shares during the quarter. Jabil accounts for approximately 1.3% of Todd Asset Management LLC's investment portfolio, making the stock its 15th largest position. Todd Asset Management LLC owned 0.39% of Jabil worth $56,805,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Creative Financial Designs Inc. ADV bought a new stake in Jabil in the first quarter worth $27,000. Harbor Capital Advisors Inc. lifted its position in Jabil by 110.5% in the first quarter. Harbor Capital Advisors Inc. now owns 221 shares of the technology company's stock worth $30,000 after buying an additional 116 shares during the last quarter. Golden State Wealth Management LLC lifted its position in Jabil by 2,400.0% in the first quarter. Golden State Wealth Management LLC now owns 275 shares of the technology company's stock worth $37,000 after buying an additional 264 shares during the last quarter. True Wealth Design LLC lifted its position in Jabil by 3,411.1% in the fourth quarter. True Wealth Design LLC now owns 316 shares of the technology company's stock worth $45,000 after buying an additional 307 shares during the last quarter. Finally, Wayfinding Financial LLC bought a new stake in Jabil in the first quarter worth $52,000. 93.39% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Jabil news, EVP Andrew Priestley sold 13,913 shares of Jabil stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $203.17, for a total value of $2,826,704.21. Following the transaction, the executive vice president owned 53,528 shares in the company, valued at $10,875,283.76. The trade was a 20.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven A. Raymund sold 15,955 shares of Jabil stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $216.83, for a total value of $3,459,522.65. Following the completion of the transaction, the director owned 99,828 shares in the company, valued at $21,645,705.24. This trade represents a 13.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 332,847 shares of company stock valued at $66,534,847 over the last three months. Corporate insiders own 1.73% of the company's stock.

Jabil Stock Down 4.8%

Shares of JBL stock traded down $11.13 on Wednesday, hitting $219.18. The stock had a trading volume of 1,842,997 shares, compared to its average volume of 1,234,701. The company has a quick ratio of 0.64, a current ratio of 0.98 and a debt-to-equity ratio of 1.85. The business has a 50 day moving average price of $212.70 and a 200 day moving average price of $172.03. The company has a market cap of $23.52 billion, a PE ratio of 42.56, a P/E/G ratio of 1.61 and a beta of 1.20. Jabil, Inc. has a one year low of $99.67 and a one year high of $232.84.

Jabil (NYSE:JBL - Get Free Report) last released its quarterly earnings data on Tuesday, June 17th. The technology company reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.27. The firm had revenue of $7.83 billion during the quarter, compared to the consensus estimate of $7.03 billion. Jabil had a return on equity of 60.19% and a net margin of 2.02%. The firm's quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.89 earnings per share. Research analysts anticipate that Jabil, Inc. will post 8.05 earnings per share for the current fiscal year.

Jabil Dividend Announcement

The business also recently announced a dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Monday, August 18th will be paid a $0.08 dividend. This represents a yield of 14.0%. The ex-dividend date is Friday, August 15th. Jabil's payout ratio is 6.21%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Jabil from $214.00 to $256.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Stifel Nicolaus began coverage on Jabil in a research report on Wednesday, July 2nd. They set a "buy" rating and a $245.00 target price for the company. UBS Group lifted their target price on Jabil from $157.00 to $208.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Wall Street Zen downgraded Jabil from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Argus upgraded Jabil from a "hold" rating to a "buy" rating in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $231.71.

Jabil Company Profile

Jabil Inc provides manufacturing services and solutions worldwide. It operates in two segments, Electronics Manufacturing Services and Diversified Manufacturing Services. The company offers electronics design, production, and product management services; electronic circuit design services, such as application-specific integrated circuit design, firmware development, and rapid prototyping services; and designs plastic and metal enclosures that include the electro-mechanics, such as the printed circuit board assemblies (PCBA).