Primecap Management Co. CA Trims Stock Position in Jabil, Inc. (NYSE:JBL)

Key Points

• Primecap Management Co. CA sold 186,900 shares of Jabil, reducing its stake to 3,385,760 shares, which is worth approximately $460.7 million, representing a 5.2% decline in holdings.
• Jabil's stock has received favorable ratings from analysts, with price targets rising significantly; JPMorgan Chase & Co. increased its target to $256.00, reflecting strong market confidence.
• CEO Michael Dastoor and Chairman Mark T. Mondelo sold shares worth over $32 million collectively, indicating a notable insider sell-off in the company.

Primecap Management Co. CA decreased its stake in shares of Jabil, Inc. (NYSE:JBL - Free Report) by 5.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,385,760 shares of the technology company's stock after selling 186,900 shares during the period. Primecap Management Co. CA owned 3.15% of Jabil worth $460,700,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV purchased a new stake in shares of Jabil in the first quarter worth $27,000. Harbor Capital Advisors Inc. increased its stake in Jabil by 110.5% in the 1st quarter. Harbor Capital Advisors Inc. now owns 221 shares of the technology company's stock worth $30,000 after acquiring an additional 116 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Jabil by 2,400.0% in the 1st quarter. Golden State Wealth Management LLC now owns 275 shares of the technology company's stock valued at $37,000 after acquiring an additional 264 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Jabil by 3,411.1% during the 4th quarter. True Wealth Design LLC now owns 316 shares of the technology company's stock valued at $45,000 after acquiring an additional 307 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Jabil during the first quarter worth about $52,000. Institutional investors own 93.39% of the company's stock.

Jabil Trading Up 1.8%

Shares of JBL traded up $4.03 during trading hours on Friday, hitting $224.52. The company had a trading volume of 1,315,372 shares, compared to its average volume of 1,228,329. Jabil, Inc. has a 52-week low of $99.67 and a 52-week high of $232.84. 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 stock's 50 day moving average price is $209.52 and its 200 day moving average price is $170.94. The firm has a market cap of $24.09 billion, a P/E ratio of 43.60, a P/E/G ratio of 1.54 and a beta of 1.20.

Jabil (NYSE:JBL - Get Free Report) last posted its quarterly earnings results on Tuesday, June 17th. The technology company reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.27. Jabil had a return on equity of 60.19% and a net margin of 2.02%. The business had revenue of $7.83 billion for the quarter, compared to analyst estimates of $7.03 billion. During the same period last year, the company earned $1.89 EPS. Jabil's revenue for the quarter was up 15.7% compared to the same quarter last year. On average, research analysts predict that Jabil, Inc. will post 8.05 EPS for the current year.

Insider Buying and Selling

In other Jabil news, EVP Steven D. Borges sold 22,443 shares of the stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $200.01, for a total transaction of $4,488,824.43. Following the completion of the sale, the executive vice president owned 102,803 shares of the company's stock, valued at $20,561,628.03. This represents a 17.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven A. Raymund sold 15,955 shares of the company's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $216.83, for a total transaction of $3,459,522.65. Following the transaction, the director directly owned 99,828 shares of the company's stock, valued at approximately $21,645,705.24. This trade represents a 13.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 342,847 shares of company stock valued at $68,233,847 over the last quarter. Company insiders own 1.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on JBL. Stifel Nicolaus assumed coverage on shares of Jabil in a research note on Wednesday, July 2nd. They issued a "buy" rating and a $245.00 target price on the stock. Wall Street Zen lowered shares of Jabil from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Argus upgraded Jabil from a "hold" rating to a "buy" rating in a research report on Wednesday, June 18th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $230.00 price target (up previously from $170.00) on shares of Jabil in a research note on Wednesday, June 18th. Finally, Barclays increased their price objective on Jabil from $206.00 to $223.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $231.71.

About Jabil

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).